PartyGaming back above its floatation price

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Shares of the world\’s largest online poker company, which in the last five months hit a high of 180p and a low of 67p, yesterday regained their float price, rising almost 8 per cent to 118p.

Morgan Stanley initiated coverage with an \’overweight\’ rating and a 130p price target.

The investment bank said PartyGaming would be a “long-term winner” in a high-growth industry and its valuation looks attractive as the group has major cross-selling potential.