Paddy Power wobbles on broker fears
Paddy Power-Betfair shares fell by over 2%, before recovering, on analyst concerns that an expected surge in online revenue may not materialise and that competitors may outpace its growth, writes
Morgan Stanley has forecast that the Dublin-based betting and gaming group’s share price could fall by around 14% this year and has cut its recommendation on the stock to ‘underweight’. In a research note, Morgan Stanley analyst Ed Young offered £75 as a 12-month share price target for Paddy Power-Betfair. The company’s shares are currently trading at around £87.95 in London and just under €100 in Dublin.
