UPDATE: Stifel Nicolaus Raises PT on Bally Technologies Following F4Q13 Review
In a report published Friday, Stifel Nicolaus analyst Steven Wieczynski reiterated a Buy rating on Bally Technologies (NYSE: BYI), and raised the price target from $85.00 to $87.00.
In the report, Stifel Nicolaus noted, “Although FY13 was a monumental year for Bally in many respects, with numerous all-time quarterly records shattered and the company's systems and gaming operations businesses building on the early successes experienced in FY12, we believe investors have, for the most part, accurately priced the improving fundamentals into BYI shares, as evidenced by their 64% advance YTD (SPX +16%). Accordingly, we suspect investors' expectations will continue to grow loftier as they search for incremental upside in shares from current levels. With most of the low hanging fruit already harvested, challenging FY14 comps staring investors in the face and evidence of headwinds in the core North American replacement market persisting, we suspect some investors could pause exiting FY13, potentially electing to lock in recent profits as they weigh the company's prospects in the fiscal year ahead.”
Bally Technologies closed on Thursday at $73.19.
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