Jefferies Raises BYI PT To $52

Jefferies has issued a report raising the Price Target on Bally Technologies BYI from $50 to $52 a share. According to Jefferies, “The trimmed outlook is not a surprise, in our view, given the persistence of the weak demand environment. Nonetheless, the recapitalization is a statement by management of its confidence in the recurring base of earnings if not meaningful improvement in business trends. The reduced near term guidance offset by the attractive cost of funds results in a modest positive for the shares.” BYI has a Buy Rating and closed yesterday at $37.68.