Internet Gaming Firm Sees Shares Downgraded
By Miriam H
Shares in Austrian online gaming firm Bwin, a company with online sportsbetting, casino and poker interests, have been demoted from 'hold' to 'sell' by analyst Alfred Reisenberger of CAIB Research, with the target price also slashed from €23 to €15.

In a research note published this week, the analyst argues that the company’s second quarter results reinforce the fact that business is unsteady.

Although Bwin’s net income for the half-year ending on June 30 rose to €4.3 million, compared to net losses of €27.1 million in the same period last year, this growth is not seen to be significant enough by Reisenberger.

CAIB Research also forecasts that the company will see losses in 2007-2008 due to a small dip in gross gaming revenues in 2007 and a considerable increase in personnel expenses.

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