Broker snap: Peel Hunt upgrades Playtech to buy

20th Jul 2011 12:38

Good trading momentum and strategic progress at Playtech has led Peel Hunt to raise its rating on the online gaming software developer from hold to buy."Playtech remains a unique opportunity in the online gaming sector and, whilst there are some challenges, its business model continues to look sound in a more heavily regulated industry. The discount reflects some concern over a number of corporate issues, all of which are addressable," said analyst Nick Batram.Furthermore, the group's second quarter key performance indicators came in above the broker's expectations, while revenues rising by 19% year-on-year to €39.6m (excluding France).Peel Hunt places its target price of 356p under review.BC