Stifel raises PT on Monarch Casino & Resort, sees upbeat Q1 on resilient demand
18/04/2022 18:20
** Brokerage Stifel hikes PT on casino operator MCRI.O to
$96 from $91 ahead of earnings this week, says MCRI
well-positioned to outperform Wall Street estimates for Q1
** Expects MCRI's Atlantis casino property to prove more
resilient than expected through February; adds initial March
data suggests an improvement in gaming demand post-Omicron
** Sees further sequential upside through 2022, boosted by
rising VIP penetration in MCRI's Black Hawk property, eventual
return of the 55+ demographic
** Concerns around margins and a potential softening in
consumer demand due to factors such as inflation and gas prices
likely persist, but enough growth drivers are left to cause
upside to market expectations - Stifel
** All four brokerages covering MCRI rate the stock "buy" or
higher; their median PT is $88 - Refinitiv
** MCRI shares, which were up marginally in afternoon
trading, have risen ~17% YTD
(Reporting by Deborah Sophia in Bengaluru)
((DeborahMary.Sophia@thomsonreuters.com;))