Paddy Power to buy New York-based fantasy sports site

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The firm now has a "sell" rating on the stock. Barclays lowered their target price on Paddy Power Betfair from GBX 9,400 ($127.51) to GBX 9,200 ($124.80) and set an "overweight" rating on the stock in a report on Monday, March 12th.

Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating reiterated by equities research analysts at Peel Hunt in a research report issued to clients and investors on Monday, April 23rd. Finally, Credit Suisse Group lowered their price target on Paddy Power Betfair from GBX 8,700 ($121.34) to GBX 7,800 ($108.79) and set a neutral rating for the company in a research note on Thursday, March 8th. Paddy Power Betfair presently has a consensus rating of Hold and a consensus target price of GBX 7,627.50 ($103.47).

PPB stock traded up GBX 490 ($6.65) during midday trading on Wednesday, hitting GBX 8,250 ($111.91). 436,847 shares of the company's stock were exchanged, compared to its average volume of 192,747.

The company also recently announced a dividend, which will be paid on Tuesday, May 29th. This represents a yield of 1.77%.

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According to a report from the British Broadcasting Corporation (BBC), Dublin-headquartered Paddy Power Betfair entered the American daily fantasy sports market a year ago following its $48 million purchase of PlayDraft.com and stated earlier today that it is now considering a move for FanDuel Incorporated in order "to create a combined business to target the prospective United States sportsbetting market".

The talks may be the start of a wave of deals involving betting companies in the U.S.

If a deal goes ahead, it is likely to be worth considerably more than the $48m (£35.6m) that Paddy Power paid for FanDuel's smaller rival Draft past year.

Under New Jersey's sports-betting laws, only casinos and racetracks will be able to take bets on sports.

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