Investment bank cuts share price target on Paddy Power

One of the world’s biggest investment banks has slashed its share price target on Paddy Power Betfair, claiming the merger between the two gaming giants has failed to deliver a significant increase in customers.

Morgan Stanley lowered its share price target on the company to £75 from £98, citing the difficulty Paddy Power has had growing its market share.

Paddy Power shares have tumbled this year in response to increased competition and the ...