Shares of Nevada-based Everi Holdings Inc. (EVRI) gained 0.7% in extended trade on Monday after the company tightened its 2021 outlook for net income and adjusted EBITDA to the top end of the earlier announced range.
The company develops entertaining game content and gaming machines, gaming systems, and services for land-based and iGaming operators. (See Everi stock chart on TipRanks)
Everi expects net income to range from $90 million to $95 million, as compared to the previously provided range of $87 million to $95 million. Adjusted EBITDA is projected to range from $337 million to $342 million, as compared to the range of $332 million to $342 million expected earlier.
The Chairman and CEO of Everi, Michael Rumbolz, said, “Everi’s focus on providing casino operators and players with innovative products as a result of our ongoing investment in the development of new products is a key driver of our growth.”
“As we execute on our plans that lead to the expected record-setting financial results for 2021, we are also establishing an even stronger foundation for continued growth in 2022 and beyond,” Rumbolz added.
Two months ago, BTIG analyst Mark Palmer reiterated a Buy rating on the stock with a price target of $30 (16.2% upside potential). The analyst expects the company to report earnings per share (EPS) of $0.41 in the third quarter.
Overall, the stock has a Strong Buy consensus rating based on 3 unanimous Buys. The average Everi Holdings price target of $33 implies 27.8% upside potential. Shares have gained 198.5% over the past year.
According to TipRanks’ Smart Score rating system, Everi scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.
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