Caesars Entertainment (CZR) PT Slashed to $9 at Imperial Capital

Imperial Capital analyst Gregg Klein reiterated an Underperform rating on Caesars Entertainment (NASDAQ: CZR) and lowered his price target to $9.00 (from $17.00)

Klein comments, "Our price target is about 33% below the recent share price. We base our valuation on a discount to the potential value of the equity in Caesars Growth Partners (CGP) and CERP, along with the potential impact from a debt restructuring at Caesars OpCo. We believe the leverage at OpCo is not sustainable and a restructuring could possibly be headed to a bankruptcy filing, which would create significantly negative headlines and potential risks that we think would put pressure on the stock. We think the CZR shares could be worth as much as $16.76, as shown in Figure 8, but that does not include the possible negative outcome of a CEOC filing and litigation against CZR."

For an analyst ratings summary and ratings history on Caesars Entertainment click here. For more ratings news on Caesars Entertainment click here.

Shares of Caesars Entertainment closed at $13.70 yesterday.

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