| Over a month ago | ||||
Stifel analyst Steven… Stifel analyst Steven Wieczynski resumed coverage of Monarch Casino with a Buy rating and $63 price target. The analyst notes that the stock has outperformed since Stifel suspended coverage, posting resilient regional gaming trends, while the improving news regarding a COVID vaccine is likely to outweigh the concerns with surging cases. Wieczynski adds that some near term risk exists for Monarch Casino shares, but he expects investors to remain focused on the post-vaccine outlook, where the company appears well-positioned. | ||||
Macquarie analyst Chad… Macquarie analyst Chad Beynon raised the firm's price target on Monarch Casino to $58 from $50 and keeps an Outperform rating on the shares. Following new U.S. restrictions, regional casino profitability is likely to slow in December following the "record setting" Q3 performance, Beynon tells investors in a research note. However, there's still value in the gaming sector as sports betting and internet gaming continue to set new highs, says the analyst. | ||||
Truist analyst Barry… Truist analyst Barry Jonas raised the firm's price target on Monarch Casino to $65 from $60 and keeps a Buy rating on the shares as part of a broader research note into Gaming. The analyst notes that while the same-store gross gaming revenue in October was down 13% - consistent with September - the resurgence of COVID cases and operating restrictions will impact Q4 "more negatively". Nevertheless, Jonas contends that investors will look through these headwinds and focus on the post-vaccine pent-up demand, post-election opportunities, and the sports betting upside. | ||||
Reports Q3 revenue… Reports Q3 revenue $59.87M, consensus $47.88M. John Farahi, co-chairman and CEO of Monarch, commented: "Our business continued its recovery throughout the third quarter of 2020 as we grew gaming revenue 9%, strengthened adjusted EBITDA margins to 34.5%, and delivered all-time record quarterly adjusted EBITDA of $20.7 million. Third quarter net revenue declined 9% as capacity and other COVID-related constraints impacted visitation and our ability to offer our guests a full range of services and amenities, particularly in hotel and food and beverage. However, operating under COVID restrictions gave us an opportunity to streamline our cost structure and achieve operational efficiencies, resulting in strong adjusted EBITDA and adjusted EBITDA margin." | ||||
| Over a quarter ago | ||||
Truist analyst Barry… Truist analyst Barry Jonas is raising his price targets across select Gaming names in a sector research note, with Boyd Gaming (BYD) target up $35 from $28, Caesar's Entertainment (CZR) up to $70 from $50, Monarch Casino (MCRI) up to $57 from $50, MGM Resorts (MGM) up to $24 from $18, and Penn National Gaming (PENN) up to $85 from $62. The analyst notes that August gross gaming revenue was "resilient" on a same-store basis despite concerns around pent-up demand and extended unemployment tailing off. The margin expansion narrative "appears to be holding" for the regional operations, Jonas tells investors in a research note. | ||||
Reports Q2 revenue… Reports Q2 revenue $15.16M, consensus $13.15M. John Farahi, co-chairman and CEO of Monarch, commented: "Following the state-mandated closure of our properties in mid-March, we took immediate steps to ensure that our Company preserved its financial flexibility to manage through the nearly three-month shutdown. We reduced expenses throughout the Company and worked with our bankers to secure the necessary amendments to our credit facility. Thanks to the commitment and sacrifices of our dedicated team, along with the support of our bankers, Monarch was well prepared to carry on during the state-mandated shutdowns of our operations and emerge from them in a financially stable position." | |
Conference call with COO… Conference call with COO Farahi will be held on June 22 hosted by SunTrust. | |
Conference call with COO… Conference call with COO Farahi will be held on June 22 hosted by SunTrust. | |
SunTrust analyst Barry… SunTrust analyst Barry Jonas initiated coverage of Monarch Casino with a Buy rating and $50 price target. The company is a "strong regional operator" that is well positioned for a post-COVID recovery and M&A, the analyst tells investors in a research note. The stock fell 27% since the pandemic reports emerged, but as casinos begin to reopen, Monarch's regional, gaming focused assets are poised to see a strong recovery, Jonas contends. | |
SunTrust analyst Neal… SunTrust analyst Neal Dingmann initiated coverage of Monarch Casino with a Buy rating and $50 price target. |