UPDATE: Bally's Corp (BALY) PT Raised to $75 at Stifel on Gamesys Acquisition

March 25, 2021 8:06 AM EDT
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Price: $58.78 +1.66%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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(Updated - March 25, 2021 8:43 AM EDT)

Stifel analyst Steven Wieczynski raised the price target on Bally's Corp (NYSE: BALY) to $75.00 (from $70.00) after the company released a filing indicating they have reached an agreement in principle
for the acquisition of online casino operator, Gamesys Group (GYS-LON). BALY has until 4/21
to formalize an offer.

The analyst maintained a Buy rating, stating "This marks another step in BALY's transformation into a leading, now international, omni-channel gaming operator. We believe a potential GYS acquisition would provide BALY with a leading iGaming tech-stack, and seasoned management team, to help carve out BALY's role in the burgeoning U.S. online gaming market. Meanwhile, BALY is acquiring GYS's international operations at a fair market price, which are highly FCF generative and should help fund BALY's growth aspirations in the U.S. The deal would see GYS's current CEO takeover as CEO for the PF company, with BALY's current CEO focusing on the retail business. We raise our target price to $75 from $70 to reflect our higher conviction on the longterm sports betting/iGaming opportunity."

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