KeyBanc Starts Caesars Entertainment (CZR) at Hold; Fairly Valued

KeyBanc initiates coverage on Caesars Entertainment (NASDAQ: CZR) with a Hold.

KeyBanc analyst said, "We are more optimistic about the potential recovery in Vegas than we are for Atlantic City and expect CZR's Atlantic City properties to lose market share when Revel opens this spring. We view CZR's strong brands and industry-leading customer loyalty program (40 million Total Rewards members), as huge assets for the Company, albeit difficult to quantify. In addition, its World Series of Poker brand, which it will use for entering the U.S. online gaming market when it becomes legalized, and its pipeline of new development projects give us confidence in EBITDA growth in the coming years. However, the small initial float of available shares, fair valuation, and high debt leverage keep us on the sidelines at the present time."

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 $12.99 yesterday.

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