BancBoston Robertson Stephens Upgrades PPE to Buy Rating
SAN FRANCISCO, April 14 /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 Park Place Entertainment (NYSE: PPE) to a Buy rating from Market Performer. Park Place Entertainment, headquartered in Las Vegas, Nev., is a spin-off from Hilton Hotels Corporation and consists of Hilton's gaming division, as well as the Mississippi operations of Grand Casinos.
"We are raising our rating on shares of Park Place Entertainment to Buy from Market Performer, with a 12-month price target of $12, or 39 percent above current levels," said Curtis. "While the shares have appreciated 35 percent year-to-date, we believe strong business trends in Las Vegas and in Mississippi will produce above-consensus results, and that better-than- expected earnings per share will result in multiple expansion."
"We are increasing our first quarter 1999 earnings per share estimate to $0.12 from $0.10, and our year-end estimate to $0.48 from $0.43. Consensus is $0.10 and $0.44 for the first quarter and year, respectively. For 2000, our earnings per share estimate increases to $0.61 from $0.55, versus a consensus of $0.55," said Curtis.
Clients interested in receiving more information should contact their salesperson at 415-781-9700. |
