Deutsche Bank hikes target price on William Hill

(Sharecast News) - Analysts at Deutsche Bank upped their target price on bookmaker William Hill from 160.0p to 271.0p on Wednesday after some positive deal news from across the pond.

Deutsche Bank said William Hill's partnership with Caesars in the US had taken "a big step forward" following the announcement that the casino operator and entertainment group had signed a co-exclusive deal with ESPN, the US' number one sports broadcaster.

"We see this deal with ESPN as potentially transformational for William Hill's positioning in the nascent US sports betting market," said the analysts, who also reiterated their 'buy' rating on the stock.

"We raise our William Hill Target Price from 160p to 271p to reflect the rising value of its US business, and this still puts the US valuation at a significant discount to the market leaders FanDuel and DraftKings."