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UPDATE: Citigroup Downgrades Bally Technologies Amid Acquisition News

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Following Friday's announcement that Scientific Games (NASDAQ: SGMS) will acquire Bally Technologies (NYSE: BYI) for $83.30 per share, Citigroup analyst Michael Goltsman downgraded shares of Bally Technologies from Buy to Hold and lowered his price target from $90 to $83.30.

Goltsman noted that he does not expect a competing bid due to the high amount of unique cost synergies between Bally and Scientific Games. Specifically, he said Scientific Games expects to realize $220 million in costs and $25 million in capital expenditures.

Despite the downgrade, shares of Bally are trading up a little over one percent early in Monday's session.

Latest Ratings for BYI

DateFirmActionFromTo
Aug 2014Stifel NicolausDowngradesBuyHold
Aug 2014CitigroupDowngradesBuyNeutral
Aug 2014BMO CapitalDowngradesOutperformMarket Perform

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View the Latest Analyst Ratings

 

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Posted-In: Citigroup Michael GoltsmanAnalyst Color Downgrades Price Target Analyst Ratings

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