Bally’s price target lowered to $12 from $18 at Stifel

Stifel lowered the firm’s price target on Bally’s (BALY) to $12 from $18 and keeps a Hold rating on the shares. The firm is updating its model and introducing new pro-forma estimates following the Intralot transaction having closed. While shares have underperformed significantly over the last three months, the firm remains cautious given development and financing risks, with shares seen as likely to continue to trade on project and funding updates, the analyst tells investors.