Morgan Joseph Upgrades Ameristar Casinos (ASCA) to Buy; Time to Get On Board; High Free Cash Flow Story

Morgan Joseph upgraded Ameristar Casinos (NASDAQ: ASCA) from Hold to Buy. PT $25.

Morgan analyst says, "The impetus for our upgrade is the recent change in the company's capital structure (debt re-fi, purchase of 26.15mm shares from the Neilsen Estate) and improving trends in most of Ameristar's markets. We are increasing our estimates to reflect the lower share count and a slightly better performance in 1Q11 than we had been anticipating. We believe there are still quite a few analyst estimates that do not take the Neilsen Estate shares transaction into account. As such, we would expect consensus to come closer to our projections over time."

For more ratings news on Ameristar Casinos click here and for the rating history of Ameristar Casinos click here.

Shares of Ameristar Casinos closed at $18.68 yesterday.

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