Shares of Australia’s gambling firm Tabcorp (ASX:TAH) dropped to A$0.895, a fall of up to 2.2%.

Morgan Stanley, the multinational investment bank, lowered their price target for the country’s largest gambling company.

This was done from A$1.30 to A$1.20 after a surprising downturn in the company’s quarterly revenue reports that fell short of market projections.

On top of this, Morgan Stanley reduced its FY24 EBITDA estimates for the company by 9%.

Tabcorp (ASX:TAH) has seen a significant decrease of 14.9% in stock value this year, as of the last market close.

Tabcorp (ASX:TAH) is Australia’s leading gambling firm.