UPDATE: Stifel Resumes Everi Holdings (EVRI) at Buy
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Stifel analyst Steven Wieczynski resumes coverage on Everi Holdings (NYSE: EVRI) with a Buy rating and a price target of $16.00.
The analyst comments "EVRI provides gaming equipment and technology solutions to the casino gaming industry. Since suspending coverage on 9/25/2020, shares are up +54% (S&P +12%) due to a stronger-thanexpected Q3:2020 and vaccine news flow offsetting concerns around COVID-19 cases and state restrictions – a theme consistent across our gaming coverage. Our prior Buy-thesis was largely centered on the relative resiliency of EVRI’s recurring gaming ops and FinTech revenues. However, with visibility into a vaccine-led recovery improving, we expect focus to increasingly shift to the long-term outlook where we see EVRI as well-positioned given 1) continued best-inclass gaming ops installs and net yield growth, 2) a growing FinTech product suite cementing a market-leading position, 3) tuck-in M&A opportunities, and 4) a long-term growth opportunity with cashless gaming. Our $16 target price is based on 8.5x our 2022E EBITDA."
Shares of Everi Holdings closed at $12.51 yesterday.
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