Sterne Agee Lowers BYI Estimates

Sterne Agee has issued a report lowering the EPS estimates on Bally Technologies BYI. Sterne Agee writes, “Last night, BYI lowered FY11 EPS guidance to $1.82 to $1.95 from $2.00 to $2.15 due to lower than expected systems revenue and game sale margins. It no longer expects to reach the low end of its previously guided systems revenue range of $205 million and game sale margins have been impacted by a higher mix of Pro-Series cabinet sales.” BYI has a Buy Rating and a $50.40 Price Target. BYI closed yesterday at $37.68 a share.