PRTY.L Share News (PRTY)

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0741 GMT [Dow Jones] PartyGaming (PRTY.LN) has been awarded a French gaming licence, showing more progress in new markets, says KBC Peel Hunt. Says France is an exciting opportunity for PartyGaming, despite the short-term marginally negative impact on revenues. Says this licence extends the bridgehead established by the company's existing partnership deals, and is further evidence of management's ability to execute. Keeps buy rating. Shares -1.6% at 247p. (peter.nurse@dowjones.com) 0709 GMT [Dow Jones] France is likely to become a key market for online operators, now that PartyGaming (PRTY.LN) has been offered a French gaming license, says Shore Capital. As a result sees significant growth potential, although the current tax regime implemented by French regulators will likely limit profitability in the near term. Expects both 888 Holdings (888.LN) and Sportingbet (SBT.LN), rated hold and buy respectively, to apply for gaming licenses. Keeps PartyGaming at sell due to its premium rating to the sector and exposure to the online poker market, which is under pressure. Shares -1.6% at 247p. (andrea.tryphonides@dowjones.com) 0705 GMT [Dow Jones] BT Group (BT) and British Sky Broadcasting (BSY.LN) contract for the wholesale supply of Sky Sports 1 and Sky Sports 2 is not unexpected news given that BSkyB will have to allow three rival broadcasters to show Premier League soccer matches, says an analyst. "Overall, the deal looks better for BT, as the company looks to prop up its BT Vision platform. The addition of Sky Sports allows BT to attract more customers," analyst adds. However, BSkyB may not be as pleased with the deal as it continues to fight the wider ruling that it must wholesale content at regulated prices. News Corp., which owns Dow Jones & Co., the publisher of this newswire, has a stake of about 39% in BSkyB. BT shares +0.1% at 131p while BSkyB shares +0.4% at 704p. (ishaq.siddiqi@dowjones.com) 0659 GMT [Dow Jones] Taylor Wimpey's (TW.LN) update shows that trading has strengthened in recent weeks, after a slight softening in sales around the time of the general election, says Shore Capital. Says management is continuing to focus on price improvements rather than volumes. Elsewhere, notes that net debt remains relatively high at about GBP650M. Keeps Taylor Wimpey at hold. Prefers Berkeley Group (BKG.LN) rated at buy, which has a strong balance sheet and favorable skew towards London and the south-east region. Taylor Wimpey shares closed Friday at 30p. (andrea.tryphonides@dowjones.com) 0657 GMT [Dow Jones] Standard Chartered's (STAN.LN) preclose statement looks in line with expectations says Liberum Capital. The brokerage's 1H '10 income forecast of $7.89B tallies with the bank's expectations for flat income in the first six months of the year. Says loan impairments continue to trend favorably but then again, notes that these have never been particularly elevated at this bank. Maintains hold recommendation. Shares closed on Friday at 1742p. (andrea.tryphonides@dowjones.com) 0653 GMT [Dow Jones] Investec lifts its price target on Weir Group (WEIR.LN) to 1580p from 1200p, and maintains its buy stance. Cites a further set of material upgrades, an increasingly positive outlook and a greater appreciation of the group's growth prospects following the capital markets day. Says Weir is likely to experience a material re-rating over the next 18 months with the market yet to recognise its status as one of the fastest growing and highest quality stocks in the UK Industrials space. Shares closed at 1081p. (peter.nurse@dowjones.com) 0652 GMT [Dow Jones] Investec downgrades HMV (HMV.LN) to hold from buy, and cuts its target price to 60p from 110p. Says its initial positive reaction to HMV's strategy update had been predicated on a stable trading position at the core UK HMV division, which it has subsequently transpired was not the case. Raises FY '10 pretax profit forecast to GBP75M, from GBP74M, but cuts FY '11 forecast to GBP72.5M, from GBP80M, and FY '12 forecast to GBP73.5M, from GBP84M. "In the absence of short-term catalysts ahead of peak trading, we believe it is appropriate to adopt a more cautious stance," says Investec. Shares closed at 54p. (peter.nurse@dowjones.com) 0650 GMT [Dow Jones] Taylor Wimpey's (TW.LN) trading update shows UK sales rates dipped heading into the UK general election but have strengthened in recent weeks, says Liberum Capital. Adds that pricing in US markets has remained stable, while the sales rate accelerates in Canada. Says the company also witnessed flat units sales in 1H in UK and North America, with prices up 9% in UK and flat in US. Reckons the stock looks cheap on 65% net-asset-value but still has a high level of debt at GBP650M, while noting that cash-flows are still slow. Has a hold rating. Shares closed at 30p. (ishaq.siddiqi@dowjones.com) 0628 GMT [Dow Jones] Qinetiq Group's (QQ.LN) announcement that a UK workforce ballot has resulted in an overall vote in favor of proposed changes to the terms of their employment will be a boost to the share price, says an analyst. Says Qinetiq needed a majority vote for the changes, as this is essential for the group's 24-month restructuring plan. However, suggests that upside may be limited as structural uncertainties remain. Overall, says restructuring will be expensive and could be difficult. Awaits further definition of the strategy from the company. Shares closed on Friday at 117p. (andrea.tryphonides@dowjones.com) 0628 GMT [Dow Jones] Standard Chartered PLC (STAN.LN) first-half of 2010 trading update "overall positive," mostly driven by good consumer banking income growth and wholesale client activities, says Oriel Securities analyst Mike Trippitt. "There are negatives, however, including that weaker market sentiment in recent weeks has hurt momentum in the wholesale division." Adds stock gains in recent weeks could drive shares lower Monday. Has "add" rating, 1800p target price. Shares closed Friday at 1742p. (patricia.kowsmann@dowjones.com) 0616 GMT [Dow Jones] Goldman Sachs downgrades ReneSola (SOLA.LN) and PV Crystalox Solar (PVCS.LN) to sell from neutral, given their relative potential downside versus the rest of the brokerage's coverage. Adds that European manufacturers of wafers, cells and modules remain hindered by structurally higher cost bases and that additional advanced solar photonics reductions are likely to lead to further erosion of margin, profitability and returns. After changing its valuation methodology, Goldman raises ReneSola price target to 200p from 169p. Meanwhile, cuts PV Crystalox price target to 52p from 60p implying 8% downside from current levels. (andrea.tryphonides@dowjones.com) 0616 GMT [Dow Jones] Citigroup lowers Kazakhmys (KAZ.LN) target price to 1300p from 1610p. Says Kazakhmys offers an inexpensive vehicle to invest in copper, and the rapid electricity tariff inflation in Kazakhstan. However, Citigroup estimates, given the company's longer-dated growth versus the peer group, the shares are currently discounting $2.75 per pound copper versus spot at $2.95 per pound - "a valuation gap that needs to be greater in order for us to become more positive on the shares." Has a hold rating. Shares closed at 1067p. (ishaq.siddiqi@dowjones.com) Contact us in London. +44-20-7842-9288 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 28, 2010 03:41 ET (07:41 GMT)