Market Overview

Sterne Agee Lowers Estimates On Bally Technologies, Maintains Ratings & PT


Sterne Agee has published a research report on Bally Technologies (NYSE: BYI) after the company reported 2Q EPS slightly below consensus but in-line with Sterne's estimates.

In the report, Sterne Agee writes "BYI reported FY2Q11 EPS results 2 cents below consensus (inline with our estimate) and revenue approximately 4% below consensus. The Company reduced guidance to $2.00 - $2.15 (includes a one-time $0.05 tax benefit) from $2.05 - $2.30 and reduced systems guidance to $205m - $215m from $220m - $235m. We like BYI ahead of more investor focus on the Company's two out years (FY12 and FY13), which carry large company specific levers that should elevate consensus once those levers are embedded into forecasts. As such, we would be buyers on potential weakness this morning."

Sterne Agee maintains its Buy rating and $50.40 price target.

Bally Technologies closed yesterday at $40.30.

Posted-In: bally technologies Sterne Agee & LeachAnalyst Color Analyst Ratings


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