Deutsche Bank Upgrades Shares Of 500.com Ltd

Analysts at Deutsche Bank upgraded shares of 500.com Ltd WBAI to a Buy rating and maintained the $40 price target Tuesday.

Following the sell off yesterday; coupled with post-World Cup momentum, Alan Hellawell III sees upside in shares of 500.com.

In additon, 500.com is extending its “virally” popular Crazy Guess play into its Premier League product, and plans to offer it for one football match per week. Analysts stated, “Crazy Guess was initially launched during the World Cup and saw some 1.6m users participating within the 25 day period.”

Analysts also expect a new game roll out in early 2015. Hellawell III anticipates that new games from the company will deliver upside potential in both users and GMV (gross merchandise volume).

Shares of 500.com Ltd recently traded at $30.56 up 2.2 percent Tuesday morning.