Robertson Stephens Reiterates Buy Rating on HET
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 11, 1999--Robertson Stephens Senior Gaming and Lodging Analyst Harry Curtis, a 1999 Wall Street Journal All-Star Analyst, today reiterated his Buy rating on Harrah's Entertainment, Inc. (NYSE:HET).
Harrah's Entertainment is the most diversified gaming company in the casino industry, owning or managing casinos in 17 domestic locations.
"We reiterate our Buy rating on Harrah's Entertainment, as we believe that recent weakness presents an opportunity for investors, and we forecast potential upside of more than 40 percent to our 12-month price target of $36-$37," said Curtis. "At current levels, Harrah's trades at 6.4 times estimated 2000 EBITDA and at 14 times estimated 2000 earnings-per-share of $1.85. Given the company's same-store growth in 1999 and 2000, we believe multiple expansion to at least 8 times EBITDA is reasonable."
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