Brean Murray Carret Cuts Price Target on Isle of Capri Casinos (ISLE) as Flood Continues to Impact Earnings

Brean Murray Carret & Co. is reiterating its Buy rating on shares of Isle of Capri Casinos (NASDAQ: ISLE), but is cutting its price target from $11 to $8 following mixed Q2 results.

The company reported Q2 operating EBITDA of $43.2 million, which was $2 million below the firm's estimate and inline with the Street's. Management noted that the flooding earlier this year cost the company roughly $2 million during the quarter.

The firm highlighted that changes to casino floor and a restaurant at Black Hawk resulted in a 29 percent increase in EBITDA year over year at the casino. The company is currently making similar changes to its Lake Charles casino.

Brean Murray Carret is reducing its FY12 and FY13 EPS estimates from $0.29 and $0.46 to $0.10 and $0.39

For an analyst ratings summary and ratings history on Isle of Capri Casinos click here. For more ratings news on Isle of Capri Casinos click here.

Shares of Isle of Capri Casinos closed at $4.49 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• DA Davidson Reiterates Buy Rating on Box, Inc. (BOX) on Secular Tailwinds for Demand
• BofA maintains underperform ratings on six BDC stocks