UPDATE: Caesars Entertainment (CZR) PT Raised to $110 at KeyBanc
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KeyBanc raised its price target on Caesars Entertainment (NASDAQ: CZR) to $110.00 (from $102.00) highlighting the company as a beneficiary from encouraging Vegas traffic with trends exiting March sitting at post reopening highs.
The analyst reiterated the Overweight rating, stating "While evidence of upside to 1Q21 consensus across our coverage is building (we await more GGR reports), more important, we believe, is that the slope of recovery is now beginning to contort upward, quickly, and at current stock price levels vs. peers, we view CZR as one of the more attractive recovery plays in our coverage at the moment, with the WH legal overhang set to be removed shortly (hopefully this week, in our view). Data also shows a similar pickup in locals, and we continue to like both BYD and RRR (a healthier Strip compounds the favorable secular trends in the locals market)."
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