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STOCKS NEWS EUROPE-bwin shares up; GS raises price target

Tue Sep 22, 2009 8:44am EDT

Stocks

   

Shares in Austrian online betting and gambling operator bwin (BWIN.VI) gain 6.6 percent to 30.72 euros after hitting a two-month high earlier in the session. Goldman Sachs raises its price target for the stock to 44 euros from 40.10 euros, keeping its "buy" rating on the stock.

Goldman Sachs ups its forecast for bwin's 2010 earnings before interest, taxes, depriciation and amortisation (EBITDA) estimate by 16 percent due to bwin's acquisition of Italian online poker-platform Gioco Digitale, leading to the higher target price.

"The new combined group will place bwin in the number one position with an online poker market share of 25.5 percent", Goldman Sachs says in a note to clients.

Reuters Messaging rm://petra.spescha.reuters.com@reuters.net


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