UPDATE: Deutsche Bank Upgrades Bally Technologies to Buy

According to Deutsche Bank, Bally Technologies (NYSE: BYI) is upgraded to Buy.

Deutsche Bank said that it is upgrading BYI to Buy from Hold and raising the estimates and price target. “As a result of our estimate revision and our view that BYI's 20% net income CAGR through F2013 merits multiple expansion from current levels, something we see as a calendar 2012 event, our price target goes to $45 from $36.”

Bally Technologies closed on Friday at $36.18.