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Credit Suisse upgrades Paddy Power Betfair on US deals, Exchange recovery prospects

Credit Suisse said it was optimistic Paddy Power Betfair could turn around the Exchange business and strike lucrative deals in the US
horse racing
The firm's first-half profit rose marginally due to favourable sporting results and the World Cup

Swiss bank Credit Suisse Group (NYSE:CS.) upgraded its recommendation on Paddy Power Betfair plc (LON:PPB) to ‘neutral’ from ‘underperform’ following its recent half-year results.

Credit Suisse, which also lowered its target price for the betting group to 7,600p from 8,000p, said it was optimistic about the prospects for a turnaround in this Exchange business and possible deals in the United States.

READ: Paddy Power Betfair cuts 2018 profit forecast as first-half earnings edge up

The FTSE 100-listed company on Wednesday said its first-half profit rose marginally due to favourable sporting results and the football World Cup

“November’s third quarter update will give crucial colour on the expected scale of US investments and an update on the beleaguered Exchange business,” the bank said in a note to clients, adding that it saw potential upside in further US deals and an improvement in the Exchange’s performance.

Shares in Paddy Power Betfair were down 2.6% at 7,350p in early afternoon trade.

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