Analyst reiterates “buy” on Bally
After a meeting with Bally Technologies Inc.'s management, Todd Eilers, an analyst with Roth Capital Partners, came away with a "confident" feeling and reiterated a "Buy" rating and a us$ 50 price target.
"We believe Bally's strong product offering and healthy balance sheet should allow it to weather the current economic storm and emerge in a much better competitive position," Eilers wrote in a note to clients last week.
The gaming supplier ended its second quarter with slightly higher year-over-year revenues of us$ 233.3 million and called it the most profitable quarter in the company's history. Eilers wrote that the current operator restructurings and Chapter 11 fillings could be positive catalysts for increasing demand on completion in the second half of 2009.
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