HPK, Hollywood Park Gaming, damn huge float, might be worth watching.
SOURCE: BancBoston Robertson Stephens
BancBoston Robertson Stephens Reiterates Buy and Raises EBITDA Estimates On Hollywood Park, Inc.
SAN FRANCISCO, March 23 /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 reiterated his Buy rating and raised EBITDA estimates on Hollywood Park, Inc. (NYSE: HPK - news). Hollywood Park, headquartered in Inglewood, Calif., is a diversified gaming, sports and entertainment company that owns and operates casinos and racing facilities. Its properties include the Boomtown casinos in Verdi, Nev. (outside of Reno), Harvey, La. (the West Bank of New Orleans), and Biloxi, Miss. (the Gulf Coast), and the Hollywood Park Racetrack in Inglewood, Calif.
''We are reiterating our Buy rating on Hollywood Park and raising our price target to $19 per share, from $17, based on stronger-than-expected 1999 EBITDA,'' said Curtis. ''In addition, we are increasing our 1999 EBITDA estimate from $132 million to $147 million. We also are raising our first quarter 1999 EBITDA estimate to $33 million, from $30 million, based on strength across the company's casinos and tracks, particularly in New Orleans, Reno and the Mississippi Gulf Coast.
''We also are initiating quarterly earnings per share estimates for Hollywood Park. For first quarter 1999, we estimate earnings per share of $0.07, 40 percent above the highest First Call estimate of $0.05, and above the range of $0.03-$0.05,'' said Curtis.
** morning world, gentlemen place your bets!
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