WR Hambrecht Co Initiates Coverage of Harrah's Entertainment, Inc. HET)
Gaming Conglomerate Undervalued Given Expected Growth of 20 Plus Percent Over
Next Two Years
SAN FRANCISCO, June 28 /PRNewswire/ -- The following is being issued by WR Hambrecht + Co, a member of the National Association of Securities Dealers, CRD number 45040:
WR Hambrecht + Co today initiated research coverage on Harrah's Entertainment, Inc.(NYSE: HET) with a strong buy rating and a price target of $34. WR Hambrecht + Co.'s Gaming analyst Jeffrey B. Logsdon cited Harrah's diversification, accelerating EPS growth, and strategic acquisitions, extending brand presence and earnings growth as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.
"Harrah's is the most diversified gaming conglomerate in the world, which affords it significant economies of scale and marketing leverage. Strategic acquisitions have played a central role in extending brand presence and earnings growth. This company represents quality growth at a significant discount in our estimation," Logsdon said.
Logsdon projects Harrah's EBITDA will reach $285 million in 2000 and $303 million in 2001, up from $237 million in 1999.
Harrah's Entertainment, Inc. is a consumer marketing company in the gaming industry, and operates casinos in more markets than any other casino company. |
