Monarch Casinos hits all-time high as Jefferies says 'hold 'em'
25/07/2018 15:08
** Shares of Monarch Casino & Resort Inc MCRI.O jumped >5
pct to an all-time high before paring gains as Jefferies
promotes to "hold" from "underperform" on the heels of Q2
earnings miss
** MCRI last up 2.5 pct at $48.33, among top percentage
gainers on the S&P 600 Consumer Discretionary index .SPSMCD
** Jefferies ups PT $6 to $48; Stifel also raises PT, to $49
from $45
** Lead Jefferies analyst David Katz sees coming completion
of co's Black Hawk project establishing a higher earnings base,
expects "earnings to catch up with the high-end multiple"
** Believes flagship Atlantis Casino in Reno to be well
positioned in what Katz calls "one of the most compelling growth
markets in gaming"
** On Jul 24, MCRI reported after-market Q2 adj EPS of 50
cents, just missing the 51 cents/sh analysts expected, per
Thomson Reuters I/B/E/S
** So far this year, MCRI stock has gained >7 pct, compared
with the SPSMCD's >9 pct advance YTD
(Reporting by Stephen Culp)
((stephen.culp@thomsonreuters.com; 646-223-6076;))