Wells Fargo Starts Monarch Casino & Resort (MCRI) at Market Perform

July 1, 2013 4:23 PM EDT Send to a Friend
Get Alerts MCRI Hot Sheet
Price: $17.80 -1.87%

Rating Summary:
    0 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 17 | New: 15
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Wells Fargo initiated coverage on Monarch Casino & Resort (NASDAQ: MCRI) with a Market Perform rating and a price target of $16-$19.

Analyst Barry Jonas said, "We believe MCRI has several positives, including: (1) a meaningful growth opportunity in Black Hawk, which could potentially double MCRI's total EBITDA by 2017, (2) a best-in-class Reno asset favorably skewed to an economic recovery in a recently challenged market, and (3) a stellar management team completely aligned with shareholders with a sizable 41% ownership stake. With the shares up 57% YTD (versus the S&P 500 up 14%) and our FY2013/14E EBITDA estimates in line with consensus, we have a Market Perform rating."

For an analyst ratings summary and ratings history on Monarch Casino & Resort (NASDAQ: MCRI) click here. For more ratings news on Monarch Casino & Resort click here.

Shares of Monarch Casino & Resort closed at $16.86 yesterday.

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