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GameSquare Esports is on a path to level up in 2021 with targeted gaming and media acquisitions
Canaccord analysts said that the Lenovo deal supports GameSquare’s revenue target of $28 million annually in 2022
GameSquare Esports Inc’s multi-year deal with Lenovo highlights the opportunity for partnerships with leading brands, Canaccord Genuity (TSX:CF, LSE:CF) analysts said.
The esports company inked the sponsorship deal with the Fortune Global 500 company for its Complexity Gaming subsidiary.
Lenovo will become the exclusive desktop and laptop PC supplier to Complexity.
Calling Lenovo a “notable partner,” Canccord estimated that the deal could be worth seven figures.
“If Lenovo is a meaningful increase, this suggests a deal worth more than $1 million annually,” Canaccord analysts wrote. “Looking at a recent deal between Guild Esports and BitStamp as a comparable, the deal could be over $2 million annually.”
Canaccord analysts added that the Lenovo deal supports GameSquare’s revenue target of $28 million annually in 2022.
“GameSquare highlighted the addition of new sponsors and brands as a driver behind the growth to its 2022 revenue target of $28 million,” analysts added.
“Lenovo is a strong support for the momentum in that effort. As well, we note the recent announcement of a 40% increase in league revenue for Complexity.”
Canaccord has a Speculative Buy rating on GameSquare’s stock and a C$0.60 price target.
Shares of GameSquare were changing hands at around $0.12 in Canada on Tuesday.
Contact Angela at [email protected]
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GameSquare Esports Inc (CSE:GSQ) (FRA:29Q1) CEO Justin Kenna tells Proactive that its subsidiary Code Red Esports Limited has been awarded a contract to provide esports consultancy services to apparel brand US Polo Assn., which belongs to the United States Polo Association (USPA). Kenna says…
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