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Bally Technologies Has a New Friend on Wall Street
NEW YORK --
In casino and gaming industry financial news today, Bally Technologies (NYSE: BYI) stock moved higher as a top Wall Street analyst began coverage with a "Buy" rating on the company.
According to the analyst, "the outlook is bright, the casino equipment maker may increase market share and better its profit margins".
Nicholas A. Danna IV of Sterne, Agee & Leach Equity Research said in a client note that increased usage of Bally's iView displays and power-bonusing technology should give an additional boost to its systems revenue. IView displays are interactive slot machine displays that can give players custom rewards and messaging driven by their overall play level.
While the company has seen better gross and operating margins, Danna said its gross margins on game sales are behind its rivals, leaving room for further expansion. The analyst also expects the company to capitalize on international and domestic expansion efforts.
Danna sent out a $55 price target on the shares.
Bally's stock increase over 6% today, up to over $42 per share. The stock has traded in a wide-range of $23.86 to $52.83 over the last year.
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