Investment bank and financial services giant Goldman Sachs has downgraded Entain to sell from buy amid concerns over business growth, particularly within its online division.
Entain’s price target has been slashed from 1,450p [$18.45] to 820p [$10.44], which is 2.9% lower than the closing price yesterday (27 November). Monday’s 844p closing price was also 1.7% less than the 859p it closed at on Friday.
This drop came as Goldman Sachs announced its downgrade of the Ladbrokes and Bwin owner. The reason for this, Goldman Sachs said, was due to Entain having problems with growth during recent months. Goldman Sachs said this is the result of regulatory headwinds, increased competition and market dynamics.
