UPDATE: Goldman Sachs Starts Bally's Corp (BALY) at Neutral
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Goldman Sachs analyst Stephen Grambling initiates coverage on Bally's Corp (NYSE: BALY) with a Neutral rating and a price target of $52.00.
The analyst commented, "We initiate coverage of Bally’s Corporation with a Neutral rating and price target of $52, in line with current trading levels (vs. our coverage average of 17%). BALY has become one of the largest operators of land-based casinos in the US with aspirations to become a leading omni-channel gaming and interactive entertainment company. To date, the company has assembled the pieces to be at the center of the digital evolution of gaming, but rollout of an app and integration with media is still at least 6 months out. At ~10.5x EV/EBITDA (22/23) vs. other “omni-channel” and brick-and-mortar peers’ ranging from 8x-16x, BALY appears to be embedding only modest upside from actions to pursue the rapidly growing online sports betting and i-Gaming industry, but catalysts are limited until a full launch of its digital assets. Moreover, peers have typically had multiple iterations of their technology before finding success, as a result, we expect the shares to stay range-bound vs. the group until the full launch of digital assets next year, prompting our Neutral rating."
Shares of Bally's Corp closed at $52.01 yesterday.
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