Everi Holdings (EVRI) PT Raised to $23 at Stifel on Substantial Beat/Raise
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Stifel analyst Steven Wieczynski raised the price target on Everi Holdings (NYSE: EVRI) to $23.00 (from $21.00) after the company reported Q1 Adj. EBITDA of $75.4M, setting an all-time quarterly record and beating consensus by +21%. Net revenues of $139.1M set a first quarter record, and beat Consensus by +15%. Games posted the largest beat to expectations, with Adj. EBITDA of $44.6M +24% to Consensus.
The analyst reiterated a Buy rating, stating "commentary on the sustainability of strong Gaming Ops trends was encouraging, while management's forward outlook implies a healthy beat to Consensus Q2:2021E Adj. EBITDA despite management baking in some prudent conservatism. We raise our 2021/22/23E Adj. EBITDA +10%/+5%/+6% as we model a more rapid market recovery for EVRI's recurring ops than initially contemplated, with EVRI continuing to take share in Games as operations normalize."
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