Caesars Entertainment Stock Price: $113 Target (Up From $92) By Morgan Stanley

By Amit Chowdhry ● April 7, 2021
  • The shares of Caesars Entertainment Inc (NASDAQ: CZR) have received a price target increase from $92 to $113 by Morgan Stanley. These are the details.

The shares of Caesars Entertainment Inc (NASDAQ: CZR) have received a price target increase from $92 to $113 by Morgan Stanley. And Caesars was upgraded from “Equal Weight” to “Overweight” by Morgan Stanley analyst Thomas Allen.

Allen updated the research report after visiting Las Vegas and he came away with the impression that the consensus is gross underestimating the earnings power of companies that are exposed to a fast and strong recovery.

While visitng Las Vegas, Allen was told by a number of market participants that the bookings were stronger than current occupancy and the booking windows have been extending. In some cases, a number of bookings, gambling, and hotel revenues were nearing 2019 levels.

So Allen had raised the 2021 EBITDA estimates for Caesars along with a number of other companies in the industry like Boyd, MGM, and Wynn.

JPMorgan analyst Joseph Greff had also recently increased the price target of Caesars from $96 to $101. And Greff initiated coverage of Caesars with an “overweight” rating.

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