Citigroup Forecasts Strong Price Appreciation for Playtech (LON:PTEC) Stock

Playtech (LON:PTEC) had its target price upped by investment analysts at Citigroup from GBX 355 to GBX 400 in a report issued on Monday,London Stock Exchange reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 22.70% from the stock’s previous close.

Separately, Deutsche Bank Aktiengesellschaft decreased their target price on Playtech from GBX 433 to GBX 390 and set a “buy” rating for the company in a research note on Friday, January 23rd.

Playtech Stock Up 1.9%

PTEC stock opened at GBX 326 on Monday. The stock has a market capitalization of £920.86 million, a price-to-earnings ratio of 0.56, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The company has a 50-day moving average of GBX 328.01 and a two-hundred day moving average of GBX 307.71. Playtech has a 52-week low of GBX 210 and a 52-week high of GBX 447. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09.

Playtech declared that its Board of Directors has initiated a stock repurchase plan on Friday, March 27th that permits the company to buyback 5,660,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

About Playtech

Playtech plc, a technology company, provides gambling software, services, content, and platform technologies worldwide. The company offers technologies across various product verticals, including live casino, sports, bingo, virtual sports, and poker. It also owns the intellectual property rights and licenses the software; provides digital marketing and advertising, consulting and online technical support, data mining processing, turnkey, live game, and video stream services; and operates betting shops.