Written by :
Aaron Goldstein
Published on :
Shares in Irish bookmaker Paddy Power are undervalued by 30 percent according to a new research report issued by stockbroker Davy.
The company is set to merge with Europe’s largest betting exchange Betfair in the coming months.
Davy analysts David Jennings and Robert Stokes have set a new price target of €129 on the bookie’s shares, which broke the €100 mark last week and closed at €102.70 on Friday. Shares in Paddy Power had been trading at €69 earlier in the year.
The analysts said Betfair’s shares could also rise 30% and set a new price target of £41.30 for its stock.
The report also suggests that Paddy Power could rank as one of the highest growth stocks in Europe.
- Aaron Goldstein, Gambling911.com
