Can the Aristocrat Leisure (ASX:ALL) share price smash the market in 2021?

The Aristocrat Leisure Limited (ASX:ALL) share price has been outperforming in 2021. Can it continue this trend and smash the market?

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The Aristocrat Leisure Limited (ASX: ALL) share price may have been out of form on Tuesday but it is still outperforming the market in 2021.

Since the start of the year, the gaming technology company’s shares have risen a sizeable 7%.

This compares to a 0.8% gain by the S&P/ASX 200 Index (ASX: XJO).

Can the Aristocrat Leisure share price go higher?

According to analysts at Goldman Sachs, they believe the Aristocrat Leisure share price can go higher from here.

Although, admittedly, based on the broker’s current price target, the upside may be somewhat limited.

Nevertheless, this morning Goldman Sachs reaffirmed its buy rating and $34.80 price target on the company’s shares. This compares to the latest Aristocrat Leisure share price of $33.61.

What did Goldman Sachs say?

Goldman Sachs was in attendance at Aristocrat Leisure’s recent virtual investor round table.

A few takeaways from the event include:

“Management spoke in a lot of detail to the recovery of ALL’s land based business, and highlighted recent results from a third party survey going to showcase ALL’s superior cabinet while also noting that the recovery across various regions is tracking ahead of their own internal expectations.”

“Further, they noted i) ALL continues to take share across the land based business, ii) in ANZ, a fraction over 90% of machines are active while they also watching the recovery closely, iii) in N/A, 75-85% fleets are activated, and they believe ALL is tracking around 5-7% above these levels, demonstrating success of their tactical recovery plan and higher coin in.”

Things were just as positive for its Digital business.

“Management flagged that they continue to take share in digital against major competitors, and are comfortable that the step up in digital is more permanent in nature than temporary.”

“RAID is now the No.1 western title in the casual genre, EverMerge is No. 2 in the merge category and overall, ALL is a top 5 mobile gaming company in the western world.”

What do other brokers think?

Goldman Sachs isn’t the only broker that is positive on Aristocrat Leisure.

Last week Morgan Stanley put an overweight rating and $38.00 price target on its shares. Whereas Citi currently has a buy rating and $40.60 price target.

Based on the latest Aristocrat Leisure share price, this means potential upside of 13% and 21%, respectively, over the next 12 months.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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