Bally Technologies PT Raised to $94.00 at Stifel Nicolaus (BYI)
Investment analysts at Stifel Nicolaus upped their price target on shares of Bally Technologies (NYSE:BYI) from $90.00 to $94.00 in a note issued to investors on Thursday, Stock Ratings News reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 26.50% from the stock’s previous close.
The analysts wrote, “We are updating our Bally Technologies (BYI) model to account for the successful acquisition of shfl Entertainment (SHFL) on November 25, 2013. Despite the 66% advance in BYI shares YTD (SPX +26%) we remain attracted to the BYI story as we sense investors continue to discount the inherent value of the SHFL enterprise and believe BYI is set up to have another strong run in 2014. Furthermore, we believe the combined entity’s ability to generate ample FCF should allow BYI to de-lever at ~1 turn per year, serving to enhance shareholder value over time. Lastly, with the combined platform expected to generate ~50% of FY15E revenue from recurring sources, we view BYI as better insulated from demand gyrations within the core North American slot market, which should allow shares to command a premium multiple relative to the group, in turn presenting ample upside potential from current levels. We maintain our Buy rating and are raising our price target to $94 (+$4), which reflects the application of an 18.5x multiple on revised FY15E EPS of $5.08 and implies ~26% upside from current levels.”
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Bally Technologies from $84.00 to $85.00 in a research note to investors on Thursday, October 31st. They now have an “overweight” rating on the stock. Separately, analysts at Brean Capital raised their price target on shares of Bally Technologies from $84.00 to $87.00 in a research note to investors on Thursday, October 31st. They now have a “buy” rating on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of Bally Technologies in a research note to investors on Monday, October 28th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.33.
Bally Technologies (NYSE:BYI) opened at 74.31 on Thursday. Bally Technologies has a 52-week low of $43.57 and a 52-week high of $78.03. The stock has a 50-day moving average of $71.94 and a 200-day moving average of $67.80. The company has a market cap of $2.856 billion and a P/E ratio of 20.35.
Bally Technologies (NYSE:BYI) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.07. The company had revenue of $249.30 million for the quarter, compared to the consensus estimate of $248.92 million. During the same quarter in the previous year, the company posted $0.77 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that Bally Technologies will post $4.00 earnings per share for the current fiscal year.
Bally Technologies, Inc (NYSE:BYI) is a global gaming company, which designs, manufactures, operates, and distributes advanced technology-based gaming devices, systems, server-based solutions, custom mobile applications, and interactive applications.
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