Shares in Australia’s gambling titan, Tabcorp (ASX:TAH), have taken a downturn, plummeting as much as 2.2% to A$0.895.

The company’s stock saw a 4.2% dip this week, marking the worst weekly decline since September 8.

Analysts at Morgan Stanley have cut the price target on Tabcorp, the nation’s largest gambling company, to A$1.20 from A$1.30.

Moreover, the company reported a fall in quarterly revenue, which fell short of market predictions.

JP Morgan has also lowered the price target on Tabcorp by 10% to A$0.90 and has decided to maintain a ‘neutral’ rating.

Further, modifications have been made to the core earnings estimate for FY24 and FY25, downsizing them by 7% and 3%, respectively, due to subdued sales trends.

Correspondingly, Morgan Stanley has decreased FY24 EBITDA estimates for the company by 9%.

Year to date, Tabcorp has faced a 14.9% decline.

Tabcorp is Australia’s largest provider of gambling products and services.