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KeyBanc Downgrades Bally Technologies (BYI) to Hold After Business Update

April 8, 2011 7:07 AM EDT Send to a Friend
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Price: $77.72 +0.03%

Rating Summary:
    5 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 9 | New: 11
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KeyBanc downgraded Bally Technologies (NYSE: BYI) from Buy to Hold.

KeyBanc analyst says, "We are changing our investment opinion on Bally to HOLD after reviewing the business update and share repurchase plans the Company provided after the market close. BYI lowered the EPS guidance range for FY11 (June) for the third time to $1.82-$1.95 (down from $2.00-$2.15) and said that it will no longer achieve systems revenue guidance of $205 million. BYI cited lower gross margins in gaming equipment sales and the timing of systems implementations as reasons for the lower guidance."

"We are lowering our expectations for systems revenues to $192 million, down from $208 million, and tempering our expectations for gross margins. This causes us to lower our EPS estimates for 3Q11, 4Q11 and FY11 to $0.50, $0.54 and $1.90, respectively, down from our previous estimates of $0.58, $0.63 and $2.08, respectively...For FY12, we our new EPS estimate is $2.54, down from $2.60."

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 $37.68 yesterday.

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