BancBoston Robertson Stephens Upgrades AZR to a Buy Rating
SAN FRANCISCO, April 20 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior gaming and lodging analyst Harry C. Curtis today upgraded Aztar Corp. (NYSE: AZR) to a Buy rating from Market Performer, after the company reported above-expected first quarter 1999 earnings. Aztar, headquartered in Phoenix, Ariz., is a gaming company with casino/hotels in Atlantic City, N.J., Las Vegas, Nev., and Laughlin, Nev. It also operates riverboats in Evansville, Ind., and Caruthersville, Mo.
"We are raising our rating on Aztar to a Buy from Market Performer, with a $9-10 12-month price target. In addition, we expect to raise our estimates due to a higher run-rate EBITDA in Las Vegas, as well as increased estimates in Atlantic City," said Curtis. "Aztar reported strong first quarter earnings per share results driven by higher EBITDA of $32.9 million, versus our $30 million estimate. Aztar's shares currently are the cheapest in the gaming group at 4.5 times 2000 EBITDA of approximately $135 million."
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