The Aristocrat Leisure Limited (ASX: ALL) share price is on course to end the week with a small decline.
At the time of writing, the gaming technology company's shares are down almost 1% to $44.88.
Despite this, the Aristocrat Leisure share price is still up a whopping 43% since the start of the year.
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Can the Aristocrat share price go even higher?
The good news for shareholders is that a couple of leading brokers believe the Aristocrat share price can keep rising from here.
For example, the team at Goldman Sachs have recently put a buy rating and $48.60 price target on the company's shares.
Based on the current Aristocrat share price, this suggests there's still a further 8.3% upside left for its shares.
Goldman is positive on the company due to its strong balance sheet, continued design and development (D&D) investment to drive growth, and its attractive valuation. In respect to the latter, the broker highlights that the company's shares are trading largely in line with the average for ASX 200 industrials. This is despite its significantly stronger growth potential.
It commented: "We stay Buy on ALL noting that our MT positive thesis on ALL remains firmly intact, given i) balance sheet strength, ii) management's focus on continued D&D investment to drive sustained LT growth, iii) leaving it well positioned for further share gains or M&A opportunities, and iv) relative valuation support, trading at ~28x 1-yr fwd PER, broadly in line with ASX200 industrials despite >30% EPS growth forecast in FY22E."
Who else is bullish?
Another broker is even more bullish on the Aristocrat share price. According to a recent note out of Credit Suisse, its analysts have an outperform rating and $50.30 price target on its shares. This implies potential upside of 12% over the next 12 months.
Credit Suisse believes that Aristocrat's growing Digital business will benefit from lower mobile platform fees. This follows recent regulatory pressure on app stores following Epic Games' court battle with Apple.
The broker has previously estimated that Aristocrat could pay a commission in the region of $700 million in FY 2021 to mobile platforms such as Apple's App Store and Google Play. Clearly, any reduction in fees would be a big win for the company.
All in all, the Aristocrat share price may already be smashing the market in 2021, but these brokers appear to believe its run could continue.
