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Citigroup Lifts Sportingbet Price Target

Monday, December 19, 2005 5:53:42 AM ET
Dow Jones Newswires



0935 GMT [Dow Jones] 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)