William Hill "buy"

01/02/07 - Panmure Gordon & Co

LONDON, January 2 (newratings.com) - Analysts at Panmure Gordon reiterate their "buy" rating on William Hill Plc (WMH-GBX). The target price is set to 750p.

In a research note published this morning, the analysts mention that the company is unlikely to achieve substantial gross wins in 1H. William Hill is likely to face easier comps in 2H, the prospects for which have improved with positive regulatory changes related to gaming machines, the analysts say. The company is expected to continue to pursue £140 million share buyback going forward due to its substantial cash reserves, Panmure Gordon adds.