Sterne Agee CRT Remains Bullish on Everi Holdings Inc. (EVRI) Following 1Q and CEO Announcement

Sterne Agee CRT Buy Everi Holdings (NYSE: EVRI) price target of $3.75 (from $5.50) following the company's 1Q earnings report. 1Q16 was in-line with consensus, better than expected. Mike Rumbolz was announced as EVRI’s permanent President and CEO. Sterne Agee CRT believes that this appointment significantly benefits the company's forward strategic positioning and rolodex while exemplifying operational stability.

Analyst David Bain commented, "1Q16 was in-line with consensus ex-items - certainly better than feared and we are encouraged by expected short-term/2Q improvements in game sales and overall profitability. Known headwinds remain, but 1Q should set low earnings watermark for the year; CY16 consensus estimates should show only minor adjustments (demonstrating overall stabilization at this point); and EVRI’s significantly belowpeer stock valuation allows for ample headroom. We remain Buy rated though lower our target price to $3.75 from $5.50 to reflect new valuation, which incorporates our belief EVRI will continue to be characterized as a “show-me” story for the next few quarters."

For an analyst ratings summary and ratings history on Everi Holdings click here. For more ratings news on Everi Holdings click here.

Shares of Everi Holdings closed at $1.65 yesterday.

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