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CZR

Caesars

$11.43

1.44 (14.41%)

, ERI

Eldorado Resorts

$45.86

-5.36 (-10.46%)

07:38
06/25/19
06/25
07:38
06/25/19
07:38

Caesars downgraded to Neutral after takeover agreement at Nomura Instinet

As previously reported, Nomura Instinet analyst Harry Curtis downgraded Caesars (CZR) to Neutral from Buy after the company agreed to be acquired by Eldorado Resorts (ERI). After meeting with Eldorado's senior management to discuss the deal, his conclusion is that the team is talented and thorough, but more explaining will be needed to convince investors why now is the right time for such a transformational deal, Curtis added in a separate note about the buyer. He keeps a Neutral rating on Eldorado shares with a $42 price target on the stock.

CZR

Caesars

$11.43

1.44 (14.41%)

ERI

Eldorado Resorts

$45.86

-5.36 (-10.46%)

  • 25

    Jun

  • 02

    Jul

CZR Caesars
$11.43

1.44 (14.41%)

06/25/19
RHCO
06/25/19
DOWNGRADE
Target $12.75
RHCO
Hold
Caesars downgraded to Hold from Buy at SunTrust
SunTrust analyst Barry Jonas downgraded Caesars (CZR) to Hold from Buy with a $12.75 price target following its agreement to be acquired by Eldorado Resorts (ERI). In a research note to investors, Jonas says he met with Eldorado CEO and CFO following the announcement, and says he left "positive" on the deal despite the share reaction, which he thinks was likely arb driven. Looking ahead, he says management appears "confident" in hitting their $500M synergy target with potentially meaningful upside.
06/25/19
NOMU
06/25/19
DOWNGRADE
NOMU
Neutral
Caesars downgraded to Neutral from Buy at Nomura Instinet
05/29/19
DBAB
05/29/19
NO CHANGE
DBAB
Deutsche Bank sees increased odds of Eldorado, Caesars merger
Deutsche Bank analyst Carlo Santarelli believes the likelihood for an Eldorado Resorts (ERI) / Caesars Entertainment (CZR) pairing has increased and that the transaction would be a net positive for both companies as well as the gaming group. The analyst would be buyers of both stocks at current levels. Strengthening same-store fundamentals and continued M&A activity in the coming months should drive increased investor interest in the gaming group, Santarelli tells investors in a research note.
03/20/19
JPMS
03/20/19
NO CHANGE
Target $60
JPMS
Overweight
Eldorado shares could be worth $72-$80 with Caesars deal, says JPMorgan
JPMorgan analyst Daniel Politzer estimates that an Eldorado Resorts (ERI) acquisition of Caesars Entertainment (CZR) could generate $300M in synergies, imply a valuation of $72-$80 per share, and be ~50% accretive on a free cash flow per share basis. Reuters reported over the weekend that the two companies are in merger talks. The analyst's scenario contemplates Eldorado acquiring Caesars for $10.50 per share, or a 23% premium to last night's close, with the offer consisting of $6.25 in cash and $4.25 worth of stock. Politzer keeps an Overweight rating on Eldorado Resorts with a $60 price target.
ERI Eldorado Resorts
$45.86

-5.36 (-10.46%)

06/14/19
WOLF
06/14/19
INITIATION
WOLF
Peer Perform
Eldorado Resorts initiated with a Peer Perform at Wolfe Research
Wolfe Research analyst Jared Shojaian started Eldorado Resorts with a Peer Perform rating.
06/05/19
06/05/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Uber (UBER) initiated with an Outperform at Raymond James. 2. Tilray (TLRY) initiated with a Perform at Oppenheimer. 3. Corteva (CTVA) initiated with an Outperform at Macquarie. 4. HeadHunter (HHR) initiated with an Outperform at Credit Suisse, a Buy at Goldman Sachs, and an Equal Weight at Morgan Stanley. 5. Eldorado Resorts (ERI) initiated with a Buy at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/05/19
STFL
06/05/19
INITIATION
Target $62
STFL
Buy
Eldorado Resorts initiated with a Buy at Stifel
Stifel analyst Steven Wieczynski started Eldorado Resorts with a Buy rating and $62 price target. While shares are up 33% year-to-date, there is "ample room" for the equity to move higher as core regional gaming trends should remain "healthy for the foreseeable future," Wieczynski tells investors in a research note. He expects "stable/growing" sales trends and believes Eldorado can continue to expand EBITDA margins from current levels.

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