Wachovia Resumes Coverage on Global Cash Access (GCA) with an Outperform; Attractive Valuation
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Wachovia resumes coverage on Global Cash Access Holdings (NYSE: GCA) with an Outperform. $11 to $12 Valuation Range.
Wachovia analyst says, "Although we remain uncertain as to when domestic gaming activity will improve, we believe current valuations reflect an overly negative outlook for the gaming industry and underestimate GCA’s near-term free cash flow potential and long-term competitive position in the casino cash access market...More signs of stabilization in non-destination-based geographies could
provide a catalyst for shares of GCA to move higher in the Near-Term...We believe it is important to note the current CEO and CFO have considerable experience at larger, publicly-traded employers, something we believe GCA was in need of following the transition from being run by its original founders...Regardless of near-term domestic gaming activity, we believe shares of GCA are valued attractively."
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.
To see more analyst ratings on GCA Click Here.
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