Paddy Power defying Davy downgrade

Shares in bookmaking company Paddy Power have bounced back by 11 per cent since Davy Stockbrokers issued a surprise downgrade of the stock on April 22.

11th May, 2013
Nigel Northridge, Chairman of Paddy Power, with Paddy Power, and the company's chief executive, Patrick Kennedy. Photo: Photocall

Shares in bookmaking company Paddy Power have bounced back by 11 per cent since Davy Stockbrokers issued a surprise downgrade of the stock on April 22.

After suffering an initial plunge of nearly 6 per cent in reaction to Davy's move, Paddy Power's shares have risen steadily in the last two and a half weeks to close last Friday at €67.80, up 2.74 per cent on the day. The shares dipped to €61.05 in the day after the downgrade.

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