Bally Technologies (BYI) Has More in the Tank after Q3 'Beat and Raise' - Analyst

April 25, 2013 11:34 AM EDT Send to a Friend
Get Alerts BYI Hot Sheet
Price: $83.27 --0%

Rating Summary:
    5 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
Trade BYI Now!
Join SI Premium – FREE
Bally Technologies (NYSE: BYI) is moving up 10 percent to $54 Thursday following record third quarter earnings of $0.93, $0.08 better than the consensus, and a new $300 million stock buyback plan. Despite the move, analyst Brian McGill at Janney Capital thinks the stock could still move sharply higher from here.

McGill reiterated his Buy rating and raised his price target to $61.

"Overall, this was yet another strong quarter from BYI and demonstrates the momentum the company has in all three business segments," the analyst notes. "We also think it reflects favorably on the equipment industry as a whole. For BYI specifically, the game equipment segment benefited from better than expected game sales while game operations was driven by WAP game performance."

He added, "Looking ahead, we believe replacements trends are favorable and anticipate BYI will see substantial sales into Illinois. We also expect the new NASCAR game to boost growth in the WAP install base and think the systems business will grow at a steady pace."

For an analyst ratings summary and ratings history on Bally Technologies click here. For more ratings news on Bally Technologies click here.

Shares of Bally Technologies last traded at $54.14, up 10.3%.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View, Analyst PT Change

Related Entities

Stock Buyback, Earnings

Add Your Comment