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.