UPDATE: Jefferies Downgrades Bally's Corp (BALY) to Hold
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Jefferies analyst David Katz downgraded Bally's Corp (NYSE: BALY) from Buy to Hold with a price target of $38.00 (from $54.00).
The analyst commented, "Our rating change to Hold from Buy is not driven by the quarter but by the change in the market's patience for digital gaming profitability and BALY's anticipated protracted investment cycle in land-based gaming. To be clear, we believe there is considerable upside optionality in BALY longer term, but longer than we anticipated and than peers. Further, we view the pending process of taking the company private tethers the shares to approximate current levels."
Shares of Bally's Corp closed at $36.25 yesterday.
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