What Happened?
Shares of gaming, betting and entertainment company Bally’s Corporation (NYSE:BALY) jumped 6.5% in the afternoon session after analysts raised their price targets for the stock.
Specifically, Truist Securities analyst Barry Jonas increased the firm’s price target on Bally’s to $18.00 from $13.00, while maintaining a ‘Hold’ rating on the shares. In a similar move, Macquarie also lifted its price target to $17 from a previous $12, and kept its ‘Neutral’ rating. These adjustments suggested that while analysts’ broader views on the stock were unchanged, they saw greater potential value in the company’s shares than before.
Is now the time to buy Bally’s?.
What Is The Market Telling Us
Bally’s shares are extremely volatile and have had 69 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 11 days ago when the stock dropped 6.3% on the news that its landlord for a planned Las Vegas Strip casino project expressed it was unlikely to finance the entire development. Gaming & Leisure Properties Inc., which owns the land, told analysts it would be open to investing in parts of the proposed casino but stopped short of committing to the broader construction financing. This news cast doubt on the future of a key project for the company.
Bally’s is down 11.6% since the beginning of the year, and at $17.19 per share, it is trading 22.1% below its 52-week high of $22.07 from November 2024.
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