Analyst believes Bally’s is a sports betting play as investors worry about integration

Bally’s

Bally’s (NYSE:BALY) stock has lagged behind the broader gaming equity group in recent months. It is because investors are concerned about the company’s ability to properly digest recent acquisitions. However, one analyst sees the issues hindering the shares’ resolution as an opportunity for investors to embrace a now-discounted name.

Stifel analyst Jeffrey Stantial reiterates a “buy” rating on the Rhode Island-based casino operator in a client note, raising his price target to $81 from $75. That new forecast is approximately 33% higher than where Bally’s stock closed on June 25, but there’s more. Stantial believes that in a bull case scenario, the shares are “not out of reach” of $122. That is more than twice the current level.

In addition to a slew of bolt-on acquisitions and casino purchases, Bally’s announced to acquire online gaming operator Gamesys for $2.7 billion. It was the company’s largest acquisition to date.

 

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Nassima Azmzm

Nassima Azmzm

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