The investment bank said the group and shown solid momentum before, and resilience during" the coronavirus pandemic and that the recent CEO change was "sudden and unexpected but the succession appears smooth"

PLC () is a gaming stock to own for the long-term according to analysts at JP Morgan, which on Monday hiked their target price for the firm to 1,140p from 710p and reiterated their overweight rating.

The investment bank said the Ladbrokes ownerhadshown solid momentum before, and resilience during, [coronavirus] and that they believed increased visibility and the robust run-rate performance will lead to earnings (EBITDA) upgrades following the companys interim results on 13 August.

The bank added that the chief executivechange last weekwas "sudden and unexpected but the succession appears smooth, with Shay Segev having been closely involved in key decision-making areas in recent times".

JP Morgan also said capital injections into GVCs US joint venture with MGM suggested that significant market share is feasible and they also expected the company to reinstate its dividend in the first half of 2021.

We believe GVCs revenue diversity insulates it somewhat from the frequent regulatory shocks and disturbances that are a perennial feature of the sector, the bank said, adding that the UK retail business has effectively been de-risked following the now annualised [fixed odd betting terminal] stake limits and ensuing industry rationalisation.

The company also said there were moderating concerns relating to regulatory risks in the UK and Germany, which alongside higher earnings forecasts justified the higher target price.

Shares in GVC were flat at 879.6p in mid-morning trading.

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GVC the gambling stock to own for the long-term, says JP Morgan - Proactive Investors UK