Marcus Corp. (MCS) PT Raised to $21 at Benchmark as Hotels Reopen Earlier Than Expected
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Benchmark analyst Mike Hickey raised the price target on Marcus Corp. (NYSE: MCS) to $21.00 (from $15.00) after the company announced the upcoming reopening of The Pfister Hotel and Grand Geneva Resort & Spa on June 8th and June 15th, sooner than expected.
The analyst maintained a Buy rating, stating "MCS has effectively shifted from defense to offense, we expect an additional 2 hotels could reopen by F2Q20 quarter end including Hilton Madison Monona Terrace and The Skirvin Hilton in Oklahoma City, or 50% of their owned Hotels. The Pfister Hotel, The Hilton Milwaukee City Center and The Grand Geneva Resort & Spa are their biggest hotels and generate an outsized portion of revenues. We are confident MCS believes they can generate more cash flow from as determined reopened Hotels and restaurants than remaining closed. A positive jobs report indicates the worst of the virus influence has likely expired and could suggest a quicker than anticipated economic recovery".
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