Brean Capital Downgrades Monarch Casino & Resort (MCRI) to Hold

October 23, 2013 7:45 AM EDT Send to a Friend
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Price: $18.70 +0.75%

Rating Summary:
    0 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 28 | New: 24
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Brean Capital downgraded Monarch Casino & Resort (NASDAQ: MCRI) from Buy to Hold. The downgrade is based on valuation.

Analyst Justin Sebastiano said, "The company missed consensus and our 3Q13 estimates, but floods that ravaged the Denver area in the quarter accounted for most of the miss. Excluding Mother Nature, we believe MCRI would have turned in another good quarter thanks to targeted marketing and continued implementation of best practices at Monarch Black Hawk. However, the Q3 performance (adjusted for flooding) and our positive FY14 outlook appear to already be in the stock."

For an analyst ratings summary and ratings history on Monarch Casino & Resort click here. For more ratings news on Monarch Casino & Resort click here.

Shares of Monarch Casino & Resort closed at $21.96 yesterday.

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