Morgan Joseph Upgrades Pinnacle Entertainment (PNK) to Buy
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Morgan Joseph upgrades Pinnacle Entertainment (NYSE: PNK) from Hold to Buy. Price target $13.
Morgan analyst says, "The recent credit amendment should provide the company with sufficient financial flexibility/covenant relief to complete the River City Casino project (St. Louis, scheduled to open in early 2010) and continue building Sugarcane Bay Casino (Lake Charles, Louisiana). In addition, on the call, CEO Dan Lee stated that the amendment provides the company with enough flexibility to refresh most, if not all, of the company's slot product."
"We have raised our FY09 EBITDA estimate to $204mm from $199mm, reflecting strong July trends (we had been forecasting June-like numbers) and slightly lower corporate expense. Higher stock-based comp and interest expense offsets the EBITDA increase. As such, our FY09 EPS estimate remains $0.19. In FY10, we expect strong showings from L'Auberge, Lumiere, and River City to help offset likely weakness at Belterra. Our EBITDA and EPS estimates go to $237mm and $0.17 from $232mm and $0.12."
To see more analyst ratings on PNK Click Here.
Pinnacle Entertainment, Inc. develops, owns, and operates casinos, and related hospitality and entertainment facilities in the United States and internationally.[SM]
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