Monarch Casino & Resort (MCRI) PT Raised to $102 at Stifel

Stifel analyst Steven Wieczynski raised the price target on Monarch Casino & Resort (NASDAQ: MCRI) to $102.00 (from $97.00) while maintaining a Hold rating.

The analyst comments "MCRI reported a +12% Q1 Adj. EBITDA beat. While some upside was likely appreciated given strong Reno/Black Hawk state-reported market-wide GGR growth, the magnitude of the beat comes as a surprise and mostly factors steady product-driven share expansion and easy weather & Atlantis construction disruption comps. Importantly, our checks suggest visitation/ spending remains stable Q2TD (positive read for broader regionals) - which, while it is still early and there is risk prolonged elevated fuel costs eventually impacts demand, we argue MCRI is well-positioned comparatively given market-leading assets & high-income player mix. MCRI maintained capital allocation strategy, though sector M&A seems to be re-accelerating potentially yielding opportunities for MCRI. Bottom-line, we expect estimates and the stock to move higher tomorrow, though maintain Hold given macro uncertainty and reasonable relative valuation. We monitor closely for M&A traction and/or valuation pullback to get more constructive. Our 2026E/27E Adj. EBITDA move +6%/+5%. TP to $102."

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