Pinnacle Entertainment (PNK) Jumps After Analyst Turns Bullish
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Price: $32.55 --0%
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 13 | New: 26
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 13 | New: 26
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Shares of Pinnacle Entertainment Inc. (NYSE: PNK) are 3 percent higher Monday after catching an upgrade at Credit Suisse.
The firm raised its investment rating on the casino operator from Neutral to Outperform and raised their price target from $14 to $18.
"Since October we have been cautious on shares due to concerns about the potential for TX gaming, progress on margin improvement initiatives, and the company's Baton Rouge project", analyst J. Simkins notes. "Following a number of recent visits to PNK properties, solid early 2Q11 trends, and a conference call with new CFO Carlos Ruisanchez, we are more confident on the outlook for PNK. We see Pinnacle as a good small-cap alternative to PENN, particularly for investors looking to increase exposure to the regional gaming sector within the small-cap arena."
The firm raised 2011/2012/2013 EPS estiamtes to $0.34/0.44/$0.68 from $0.25/$0.34/$0.48.
Credit Suisse sees three catalysts ahead: 1) 2Q EPS release (July 2011), 2) ramp of myChoice enhancements, 3) construction progress on Baton Rouge.
The firm raised its investment rating on the casino operator from Neutral to Outperform and raised their price target from $14 to $18.
"Since October we have been cautious on shares due to concerns about the potential for TX gaming, progress on margin improvement initiatives, and the company's Baton Rouge project", analyst J. Simkins notes. "Following a number of recent visits to PNK properties, solid early 2Q11 trends, and a conference call with new CFO Carlos Ruisanchez, we are more confident on the outlook for PNK. We see Pinnacle as a good small-cap alternative to PENN, particularly for investors looking to increase exposure to the regional gaming sector within the small-cap arena."
The firm raised 2011/2012/2013 EPS estiamtes to $0.34/0.44/$0.68 from $0.25/$0.34/$0.48.
Credit Suisse sees three catalysts ahead: 1) 2Q EPS release (July 2011), 2) ramp of myChoice enhancements, 3) construction progress on Baton Rouge.
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