Citigroup Smith Barney started coverage of the online poker company with a buy rating and a 185p target price.
“Despite the considerable risks and uncertainties, we find the PartyGaming business and its stock\’s valuation attractive,” said in a research report the US bank.
Citigroup said that it was their opinion that the company is well placed financially to be able to defend and consolidate its leadership position in the online poker market.
Today, in a London market that briefly touched a three-year high, PartyGaming shares rose to 154p before closing the day at 145p.
Empire Online closed the week at 183p, 5 per cent above its listing price, boosted by the strong opening performance of PartyGaming. The parent company of Empire Poker traded as low as 149p in the first week following its IPO.
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