Deutsche Bank restated its ‘buy’ rating on shares of Australian slot machine maker Aristocrat Leisure Ltd in a report issued on Wednesday. The stock – which is denominated on the Australian market in Australian dollars – has been given a US$7.20 target price by the bank. The analysts noted that the move was a valuation call.
On July 7 Aristocrat said in a filing to the Australian Securities Exchange it had concluded a deal to buy privately held gaming machine maker Video Gaming Technologies Inc based in the United States for US$1.28 billion in cash.
The acquisition is still subject to required regulatory and other approvals. It is expected to be completed by March 2015.
Separately at the Nevada Gaming Commission’s regulatory meeting in Las Vegas on June 19, Aristocrat Leisure made an application for “a continuous or delayed public offering” on behalf of its U.S. unit Aristocrat Technologies Inc.
