Caesars Entertainment (CZR) PT Raised to $26 at Wells Fargo

Wells Fargo analyst Trey Bowers raised the price target on Caesars Entertainment (NASDAQ: CZR) to $26.00 (from $24.00) while maintaining a Equal Weight rating.

The analyst comments "1Q results put up a small beat to our 1Q preview. We expect generally in line 2Q results as well but take up our Vegas (better gaming expectations) and Regional (Windsor) while lowering our digital target (lower flow-through). Remain EW and PT $26. 1Q was solid across the board with an EBITDAR beat vs. WFe and consensus. 1Q lacked an outlier to the upside or downside across CZR segments, with Las Vegas coming in + $5m vs. the Street on revenues +$13m benefitting from Con/Agg; Regionals ~in-line with the Street on a +$26m top-line beat after lapping a tough comp with the Super Bowl in New Orleans; and Digital +$4m on strong customer acquisition and iGaming share partially offset by slowing OSB handle."

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