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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Leisure, gaming and gambling

888 Holdings lifted by promotion to FTSE 250 and price target hike

888 Holdings PLC (LSE:888) is a prominent riser boosted by its promotion to the FTSE 250 alongside a price target hike by Jefferies.

The stock, which is up 6.7% at 132.68p, will join the FTSE 250 in September after the latest reshuffle, is also benefiting from a positive note from Jefferies which has raised its price target to 175p from 145p, due to lower capex assumptions, and reiterated a buy rating.

“We continue to see material upside from successful execution of the William Hill integration - a highly credible CEO arrives soon,” the broker said.

On a discounted cash flow basis the bank sees an upside scenario of 300p.

Jefferies sees catalysts for the share price as the new CEO who starts 16 October; a new CFO with the search "well advanced"; and debt reduction, noting debt is c80% of the current enterprise value and a 5% change in EV results in a c25% change in the share price.

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