William Hill: shares up 2% on broker upgrade
(CercleFinance.com) - William Hill shares are up over 2% this Friday, after Canadian broker Canaccord Genuity upgraded the stock from "hold" to "buy".
Shares of the British bookmaker were up 2.2% at 327.4 pence in mid-afternoon trading on the London Stock Exchange.
Canaccord not only raised its rating on the stock, but also lifted its target price from 285 pence to 350 pence.
"It has been a tough few years for William Hill, in which it has been a massive under-performer to arch-rival Ladbrokes Coral," the broker said in a note to clients.
"But there are enough glimmers of light to suggest sunnier prospects for its long-suffering shareholders," it added.
Canaccord cites a favourable run of sporting results over Christmas, pointing to a positive surprise in full-year 2017 results, and signs of recuperation in the online business, as well as business stemming from the World Cup in Russia this year, which should drive growth.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Shares of the British bookmaker were up 2.2% at 327.4 pence in mid-afternoon trading on the London Stock Exchange.
Canaccord not only raised its rating on the stock, but also lifted its target price from 285 pence to 350 pence.
"It has been a tough few years for William Hill, in which it has been a massive under-performer to arch-rival Ladbrokes Coral," the broker said in a note to clients.
"But there are enough glimmers of light to suggest sunnier prospects for its long-suffering shareholders," it added.
Canaccord cites a favourable run of sporting results over Christmas, pointing to a positive surprise in full-year 2017 results, and signs of recuperation in the online business, as well as business stemming from the World Cup in Russia this year, which should drive growth.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.