Full House Resorts (FLL) PT Raised to $12 at Craig-Hallum, Sees Bull Case >$30

Craig-Hallum analyst Ryan Sigdahl raised the price target on Full House Resorts (NASDAQ: FLL) to $12.00 (from $10.00) highlighting it as a top pick on improving operations and a discounted valuation since the company closed its secondary on 3/29. The company is due to complete the Chamonix Casino in 4Q22 and has leased tidelands adjacent to the Silver Slipper allowing the company to expand the property with a 150 room hotel.

The analyst reiterated a Buy rating, stating "Operations are significantly improved with EBITDA margins that have more than doubled and we believe are sustainable (10% to mid-20%), long-term debt secured and bolstered by an equity raise which funds attractive expansion projects, and a stock that trades at a significant discount to comps. As shown in the chart on the top of page 2, we think the core business is undervalued at 8x EV/EBITDA, even more so when factoring in Cripple Creek expansion, and see upside potential to $30+/share."

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