Sportingbet "buy," target price raised

01/31/05 - Arbuthnot

LONDON, January 31 (newratings.com) – Analysts at Arbuthnot reiterate their "buy" rating on Sportingbet (STI). The target price has been raised from 210p to 250p.

In a research note published this morning, the analysts mention that the company is expected to report robust trading results for 2Q FY05, ending January 2005. Sportingbet's share price has appreciated significantly this month on expectations of robust 2Q FY05 trading results and the benefits of the company's Paradise Poker acquisition in October 2004, Arbuthnot Securities says.