SIMON FRENCH PANMURE GORDON
Management indicate that there can be no certainty of recovery in the fourth quarter 2013 to meet market consensus estimates; however, we believe there are positive signs that the underlying business continues to remain strong. We retain our buy recommendation and 518p target price.
JAMES WHEATCROFT JEFFERIES
The two main upsides are: stronger-than-expected revenue growth in online and, acquisitions made possible by the over-funded rights issue and powerful cash generation. William Hill remains our preferred gaming play and we reiterate our buy recommendation and 500p price target.
JAMES HOLLINS INVESTEC
The group has a highly cash generative retail operation, as well as a market-leading UK online product that continues to show strong growth. Given the underlying business momentum looking into 2014, we would regard any aggressive sell-off in the stock as a buying opportunity.