Susquehanna Lowers Price Target on Isle of Capri Casinos (ISLE) to $8
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Susquehanna lowers their price target on Isle of Capri Casinos, Inc. (Nasdaq: ISLE) from $10 to $8, reflecting a more challenging outlook for Biloxi and Pompano Park than previously estimated.
The firm said, "Isle's operating results for 4Q08 were above our and the Street's expectations. However, the company faces a number of continuing challenges as it operates exclusively in competitive regional markets. On a positive note, management has not seen much reduction in play levels recently for its rated players, but has seen some drop off from casual customers or players not in the database. Isle has also hired UBS to explore strategic alternatives for its Coventry, UK operations, which have been running cash flow negative."
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