West Australian says underperform for Tattersalls (yesterdays...

West Australian says underperform for Tattersalls (yesterdays paper)

TATTERSALL'S

UNDERPERFORM

Stockbroker Goldman Sachs JBWere has initiated coverage of Tattersall's (TTS) with an underperform rating.

The broker has valued the stock at $2.65 but said the stock would likely trade above that, at $2.85-$2.95, because the stock was tightly held by a very strong retail and ex-beneficiary shareholder base.

The broker thinks Tattersall's share price is expensive but if it was trading at levels between $2.85-$2.95, the stock would put it on a similar dividend yield to Tabcorp.

Tattersall's was unchanged at $3.14.