|Online gaming giant company PartyGaming Plc, a group which has a portfolio including online bingo, casino and poker sites, announced that it was confident about the company’s growth in 2007 after its second-quarter financial performance met expectations, causing shares to soar today (Monday).|
Shares in the company went up 7.3 percent at 33 pence by 08:40 GMT, bringing PartyGaming’s value to an approximate figure of £1.3 billion ($2.6 billion).
'While the important fourth-quarter period lies ahead, the group remains confident about the prospects for the full year,' PartyGaming said in a trading update prior to its first-half results announcement on August 29.
Broker Numis Securities upped its rating of the online gaming stock stock to 'buy' from 'hold' due to the recent underperformance in shares and maintained its 12-month price target at 42p.
'The shares, in our view, will bounce up to the 35p-37p region over the coming weeks,' Numis said in a note.
'However, if we start to get a pick-up in US online gaming regulation news flow over the coming weeks (which is highly possible), then you will see these shares react strongly (up and down depending on the news),' Numis added.