Global Cash Access downgraded to Hold from Buy at Craig-Hallum Craig-Hallum downgraded Global Cash Access following last night's announcement that it will not renew its relationship with Caesar's Entertainment. Management maintained 2014 guidance but Cowen believes it will impact 2014 revenues by $15-$20M and 2015 revenues by $30M. Price target lowered to $8.50 from $10.
News For GCA From The Last 14 Days
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Global Cash Access upgraded at Stifel As noted earlier, Stifel upgraded Global Cash Access (GCA) to Buy from Hold. The firm upgraded the stock based on the company's acquisition of Multimedia Games (MGAM), which the firm conservatively estimates will be 20%+ accretive. Stifel also cited valuation as a reason for the upgrade. Target $10.
Multimedia Games volatility expected to move on Global Cash Access purchase Multimedia Games (MGAM) volatility is expected to move on Global Cash Access (GCA) purchasing for $36.50 per share, for an aggregate purchase price of approximately $1.2B in cash. Overall option implied volatility of 41 is near its 26-week average of 42 according to Track Data, suggesting non-directional price movement.