UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Bally Technologies

In a report published Friday, Deutsche Bank reiterated its Hold rating on Bally Technologies BYI, and slightly raised its price target from $49.00 to $50.00. Deutsche Bank noted, “Post Solid F1Q13 Results Tweaking Estimates and Raising PT. Following solid F1Q13 results, we are tweaking our F2013 and F2014 estimates and raising our price target to $50 from $49. Despite the strength in the quarter, we continue to believe the difficult operating environment, from which BYI has stayed largely isolated from given prudent management decisions and strong content during a challenging time for suppliers, namely difficult industry fundamentals and the current valuation premium, will eventually serve as headwinds. As such we believe the risk-reward is equally balanced at current levels and therefore remain at Hold.” Bally Technologies closed on Thursday at $47.23.