Monarch Casino & Resort (MCRI) PT Raised to $78 at Stifel on Record Revenue

Stifel analyst Steven Wieczynski raised the price target on Monarch Casino & Resort (NASDAQ: MCRI) to $78.00 (from $73.00) after the company reported an impressive +35% Q1 Adj. EBITDA beat, with revenues and Adj. EBITDA setting records at their two properties. Easing restrictions, pent-up demand, stimulus/savings, and still limited entertainment options drove a rapid sequential topline recovery, with MCRI continuing to take considerable market share.

The analyst reiterated a Buy rating, stating "We are raising our 2021/22/23E Adj. EBITDA +16%/+7%/+6% to factor higher visitation/spending levels and a more rapid recovery cadence in the near-term, and higher conviction around the sustainability of margins and market share gains longer-term. Our target price goes to $78 from $73 on higher estimates on an unchanged multiple."

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