ALL - Morgan Stanley rates as Equal-weight
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Former owner, Churchill Downs, reported December quarter operating earnings for Aristocrat's recently-acquired social gaming business, Big Fish, declined -13%. Morgan Stanley notes revenue increased 6%, a return to top-line growth after three quarters of declines.
The broker acknowledges Aristocrat may be a better operator but this remains to be seen and the weakness in Big Fish in the quarter highlights the volatility in that business.
Equal-weight rating. Target is $26.00. Industry view is Cautious.
Sector: Consumer Services.
Target price is $26.00.Current Price is $23.98. Difference: $2.02 - (brackets indicate current price is over target). If ALL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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