UPDATE: Sterne Agee Raises PT on Bally Technologies Following Solid F4Q13 Results

In a report published Friday, Sterne Agee analyst David Bain reiterated a Buy rating on Bally Technologies (NYSE: BYI), and raised the price target from $74.00 to $83.00.

In the report, Sterne Agee noted, “BYI's F4Q13 results demonstrate another solid beat, with systems revenue and margins outperforming consensus estimates. Systems revenue is now a visible driver to potential FY14 guidance upside, in our view. BYI's WAP base increased sequentially, and its initial installs of its Michael Jackson title sequel should continue the trend. Overall, we believe BYI offers investors the highest growth, most diversified vehicle in the supplier sub-sector – we see its equity multiple being rerated higher.”

Bally Technologies closed on Thursday at $73.19.