UPDATE: Deutsche Bank Downgrades Bally Technologies to Hold on Balanced Risk/Reward

Deutsche Bank reduced its rating on Bally Technologies

from Buy to Hold with a reiterated price target at $49 a share. Deutsche Bank commented, "We are downgrading BYI to Hold from Buy given our view of a difficult operating environment, from which BYI has stayed prudently isolated from given shrewd management decisions and strong content during a precarious time for equipment suppliers. We believe the BYI business can remain resilient over the near to medium term, though we think industry fundamentals and the current valuation premium, will eventually serve as headwinds. Given the riskreward equation we believe exists, we find it more suitable to move to the sidelines here." Bally Technologies closed at $44.57 on Wednesday.