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Goldman Sachs Maintains $32 PT On BYI

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Yesterday, Bally Technologies, Inc. (NYSE: BYI) lowered its FY11 guidance range to $1.77-$1.90 (excl. $0.05 tax benefit), “below our $2.01 estimate, consensus of $2.00, and the prior range of $1.95-$2.10 (excl. $0.05 tax benefit),” Goldman Sachs reports.

“The revision is due to lowered systems revenue and gaming equipment gross margin expectations, giving us concern that the soft system sales reflect tighter purse strings on equipment purchases, reinforcing one of the tenets of our Sell rating," Goldman Sachs writes.

“In conjunction, Bally also announced a $550 mn share repurchase program, $400 mn of which will be acquired through a stock tender offer (and funded through a new $700 mn senior secured credit facility).”

Bally Technologies closed Thursday at $37.68.

Posted-In: bally technologies Goldman SachsAnalyst Ratings

 

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