Century Casinos (CNTY) PT Raised to $19 at Stifel

Stifel analyst Steven M. Wieczynski raised the price target on Century Casinos (NASDAQ: CNTY) to $19.00 (from $15.00) while maintaining a Buy rating.

The analyst commented, "We recently hosted CNTY's President and Co-CEO, Peter Hoetzinger, for investor meetings and a fireside chat at our Cross Sector Insight Conference. The focus of our calls was on the sustainability of consumer demand trends, with management highlighting no signs of a deceleration thus far into June. Management sees legs to this robust consumer spending, as the returning (and similarly pent-up) 65+ demographic helps offset visitation/spend lost to other entertainment options re-opening. CNTY sees/expects similar trends in Poland/Canada, with Poland re-opening 5/28 and Alberta set to re-open casinos tomorrow. We had expected this for Canada, though we see this as an improvement in tone for Poland where we had expected a more drawn out recovery. We raise our estimates accordingly. Our target price goes to $19 from $15 on higher estimates and slightly higher multiple (~8.5x blended) as int'l re-openings and pent-up demand trends helps de-risk estimates. Reiterate Buy."

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