04-09-2007 Bwin downgraded to sell

CA-IB research analyst Alfred Reisenberger downgraded the Austrian betting and gaming operator from 'hold to 'sell' reducing the target price from €23 to €15.

In a new research note, Reisenberger, who earlier last week said Bwin would benefit from a significant decline in marketing expenses, now says the growth in the company's poker company is unlikely to offset weak sports betting results and a significant rise in personnel expenses.