Peel Hunt has cut its target price for bwin.party digital from 140p to 124p and maintained its 'hold' rating on the stock.
"The H1 pre-close held few surprises and no real catalyst to get the shares moving. At the current point the rating reflects concerns about Germany and a lack of visibility in many of the group’s markets," analyst stated.
Peel Hunt has reduced its clean EBITDA forecast by 10 mn euros to 165 mn for the year ending December 2012. The 2013 EBITDA estimate has been cut from 196 mn to 175 mn.
"While regulation is the main factor, the business’s underlying performance is also a growing concern, particularly the rate at which poker is going backwards," analysts say. (sharecast)