Jefferies Reiterates a 'Buy' on Bally Technologies (BYI); It's All About the Set-Up

Jefferies reiterates a 'Buy' on Bally Technologies (NYSE: BYI) price target cut $1 to $49.00.

Jefferies analyst says, "We are reiterating our bullish view on BYI given not only the company’s continuation of better product performance trends but also due to the strong and growing pipeline for FY2012 and well into 2013. We believe BYI will continue to further decouple itself from its peers and should generate meaningful upside to the shares as the Street becomes more comfortable with the timing and execution of the mounting prospects."

"Based on current trends and mgmt commentary, we are revising our estimates as follows: for 2Q, we are forecasting total revenues of $201.5M and EPS of $0.53; for FY12, we are now projecting revenues of $873.7M and EPS of $2.55. We note that the dramatic increase in EPS throughout FY12 should follow through in FY13, which we believe is not reflected in the Street's expectations or the shares. We introduce our FY13 estimate of $3.05."

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 $33.28 yesterday.

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