Morgan Joseph Reiterates a 'Buy' on Bally Technologies (BYI); Big Win: Caesars Opens Wallet for DM;

Morgan Joseph reiterates a 'Buy' on Bally Technologies (NYSE: BYI), PT $47.

Morgan analyst says, "Caesars has been a conservative spender since going private over three years ago. For quite some time, we have said that an increase in the slot replacement cycle rests on Caesars' shoulders, since it is by far the largest owner of slots in the U.S. (MGM (NYSE: MGM) is a distant second, with about 30,000). We would argue that this holds true for systems spend as well. We believe Caesars' decision to interact with its player through iVIEW Display Manager (DM) will generate high ROI for the company. We expect Caesars to begin the roll-out at its regional casinos; Horseshoe Hammond already has 165 in place. We believe other regional casinos will eventually implement DM or DM-type technology in response. Of note, 28 of the 48 largest casinos in North America operate a Bally system. Moreover, 22 of the 28 are non-Caesars casinos."

For more ratings news on Bally Technologies click here and for the rating history of Bally Technologies click here.

Shares of Bally Technologies closed at $36.70 yesterday.

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