02-07-2007 PartyGaming confident about the prospects for the full year

The world’s largest listed online gambling firm announced in a pre-close trading update that its financial performance in the second quarter has been in line with management’s expectations. PartyGaming will announce its interim results on August 29.

Numis Securities upgraded PartyGaming to buy from hold with a 42p target price.

"The shares in our view will bounce up to the 35-37p region over the coming weeks. However, if we start to get a pick-up in US online gaming regulation news flow over the coming weeks (which is highly possible) then you will see these shares react strongly (up and down depending on the nature of the news)," analyst Richard Carter said in a note to Numis clients.