KeyBanc Initiates Coverage on Global Cash Access Holdings (GCA) with a Hold
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KeyBanc initiates coverage on Global Cash Access Holdings, Inc. (NYSE: GCA) with a Hold.
KeyBanc analyst says, "GCA's business model is attractive in our view in a number of respects, namely its high market share, long-term client relationships and resulting recurring revenue, patent-protected products and limited working capital and capital spending requirements (which enable the Company to generate significant cash flow provided revenue holds up). GCA also has a large deferred tax asset whose value we believe investors might not fully appreciate. On the other hand, GCA faces a number of problems. The U.S. gambling market is under significant strain, with revenue having fallen sharply in Las Vegas and Atlantic City year-to-date."
Global Cash Access Holdings, Inc. (Holdings) is a provider of cash access products and related services to the gaming industry in the United States and several international markets.
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