Bally's Corp (BALY) PT Lowered to $10 at Stifel

Stifel analyst Jeffrey Stantial lowered the price target on Bally's Corp (NYSE: BALY) to $10.00 (from $12.00) while maintaining a Hold rating.

The analyst commented, "BALY reported a -3% Q2 Adj. EBITDAR miss. C&R missed again (7 times in past 8 quarters), with revenues slightly ahead though margin contraction was at the high end of peer results. Encouragingly, NAI inflected EBITDA positive benefitting from high-margin Casino Queen market access fees, as well as steady iCasino ramp & prior capital-light OSB pivot. International Interactive remains a steady outperformer - though pending sale to Intralot where lottery recontracting risk remains high. While estimates are likely moving lower again, we see line-of-sight into C&R improvement on capex ROI & margin initiatives, which coupled with NAI profitability inflection, should help stabilize sentiment. However, high net leverage, low trading liquidity, & overall complexity keep us cautious until BALY concludes its ongoing high risk/reward capital project cycle. Hence, we reiterate Hold. We adjust our model, lowering 2025E Adj. EBITDAR -5%. Target price moves to $10."

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