Stifel analyst Jeffrey Stantial downgraded Bally’s to Hold from Buy with a price target of $25, down from $28, ahead of Thursday’s earnings report. The analyst sees increasing macro, currency, regulatory and development risks potentially pressuring out-year estimates and keeping the shares range-bound in the near-term. His long-term constructive thesis remains intact, but Stantial feels a “more cautious view is prudent for the time being in light of near-term risks with positive catalysts biased longer-term.” In addition, Bally’s “outsized” net leverage limits upside in a “risk-off tape,” writes the analyst.