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Posted by: ian_go at December 19, 2005, 4:00 pm

Topic: Target prices lifted on Sportingbet, PartyGaming Forum: Winner Online

Citigroup Investment Research lifts Sportingbet (SBT.LN) price target to 410p from 380p. "Extrapolating some of the company's figures implies the shares could be worth over 1100p." As the market grows in confidence over lifetime player revenues and cost of acquisition, this may become more credible. "Sportingbet is a great business and our target price implies 17% upside," Citigroup adds. "However this is not enough upside to justify a buy rating considering the risk profile, and so we reiterate our hold rating." Trades -0.9% at 342p. (SMT).

Partygaming (PRTY.LN) is "no longer a one trick pony," says ABN Amro, following the introduction of blackjack to its poker business. "There is now evidence that Partygaming can cross sell products to its existing customer base which it has already paid to acquire." This pushes the fair alue up to 133p/share, from 103p. Further new products could result in fair alue reaching 160p. "We continue to have real reservations about the poker business in terms of yield, customer growth and market size - but this is not driving the price at the moment." Has recommendation and target under review. Shares +1.3% at 138.25p. (SCO)

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