PartyGaming run too far
Online poker giant PartyGaming has run too far ahead of itself, noted Lehman Brothers today, as the broker downgraded the stock.
Lehman downgraded the shares to ‘underweight’ from ‘overweight’ citing valuation grounds, as they have risen 74% since the beginning of October.
The group recently indicated that growth had picked up in a bullish trading update, though Lehman cautions that short term newsflow could start to deteriorate.