Deutsche Bank nudges up target price on Playtech

27th Mar 2023 08:01

(Sharecast News) - Analysts at Deutsche Bank bumped up their target price on gaming and sports betting software firm Playtech from 608.0p to 615.0p on Monday, citing the group's "resilient performance".

Deutsche Bank said Playtech had reported "strong" full-year results that were "modestly ahead" of consensus thanks to a year of "considerable achievement".

The German bank noted that group revenues and profits were "materially ahead of expectations" at the start of last year, despite downward pressure from rising regulatory costs and disruption from protracted bid discussions.

"Snai proved its franchise model for retail to be resilient, while Italian online delivered growth, despite the reopening of retail betting outlets for the full year 2022," said Deutsche. "Retail and B2B delivered double-digit growth."

DB also reiterated its 'buy' rating on the stock.

Reporting by Iain Gilbert at Sharecast.com