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franckreporter/iStock via Getty Images

franckreporter/iStock via Getty Images
Jefferies turned cautious on Bally’s Corporation (BALY +0.4%) with a downgrade to Hold from Buy on worries that the market will not be patient if the path for the company to digital gaming profitability is slow.
Analyst David Katz: “The increasing competition in OSB and iGaming suggests a longer time to market share and profitability than expected and vs. peers, while the Street’s patience has shortened. The capital allocation and capex plans are accelerating, which tempers the near-term upside potential. FCF prior to growth capex appears compelling at 12% yld., but growth capital is considerable.”
Katz and team dropped the price target on Bally’s (NYSE:BALY) to $38 with the digital business now only given a $4 per share value for the near term. The valuation multiples on BALY remain at 8.6X blended EBITDAR, 11X price-to-earnings and 9X free cash flow. The average analyst price target on Bally’s is $53.13. The 52-week trading range is $26.11 to $75.92.
See all the valuation marks on Bally’s.

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