Now could be the time to buy Aristocrat Leisure Ltd (ASX: ALL) shares.
That's the view of analysts at Bell Potter, which believe that this ASX 200 stock could be destined to deliver market beating returns for investors.
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What is the broker saying about this ASX 200 stock?
Bell Potter highlights that Eilers & Krejcik (E&K) has just released its industry data and it paints a pretty picture for this gaming technology company. It said:
ALL's games portfolio comprised 33% of Top NEW Premium Leased & WAP (PLW) rankings, supported by continued strong uptake of Phoenix Link, which is performing at an impressive 2.4x floor average. Pleasingly, Dragon Link, an 8-year-old game (not included in NEW rankings) was one of the fastest growing games during the month with 165 net adds, performing at an industry leading 3.0x floor average.
In the Top NEW Core segment, ALL leads the rankings with impressive performance from games on the new Baron Portrait cabinet, indicating possible share gains in the North American core replacement market. ALL continues to dominate the Overall PLW rankings with 63% share, led by Dragon Link.
Another positive for the ASX 200 stock is that slot revenues have been increasing in the United States despite trade tariff uncertainty. It adds:
In April 2025, slot Gross Gaming Revenues (GGR) for 22 US states grew 2% YoY and 4% in May 2025 for the states that have so far reported, suggesting gamblers were unfazed by tariff uncertainty. We look to a weakening in the labour market before turning negative on US GGR growth.
Time to buy
In response to the above, Bell Potter has retained its buy rating and $79.00 price target on Aristocrat's shares.
Based on its current share price of $65.61, this implies potential upside of just over 20% for investors over the next 12 months.
In addition, a modest 1.3% dividend yield is expected over the period, boosting the total potential return a touch further.
Commenting on its buy recommendation, the broker concludes:
We retain our Buy recommendation. We continue to expect ALL's leading R&D investment will drive share gains in each of the markets it operates in. The success of Phoenix Link, which is growing at record levels, is one such example of ALL's R&D flywheel expected to bear fruits in the near term. Furthermore, we anticipate ALL will achieve a small net cash position by September 2025, notable given current buybacks and a target leverage ratio of 1.0-2.0x, highlighting ALL's considerable M&A firepower.
