BancBoston Robertson Stephens Reiterates Buy Ratings on PPE and HET
SAN FRANCISCO, May 27 /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 ratings and raised estimates on Park Place Entertainment (NYSE: PPE) and Harrah's Entertainment (NYSE: HET).
"We are reiterating our Buy ratings on shares of Park Place and Harrah's," said Curtis. "For Park Place, we are increasing our 1999 earnings per share estimates from $0.52 to $0.55, and our 2000 estimates from $0.65 to $0.70. Our new 12-month price target is $15.
"We believe business trends at Park Place's properties are tracking ahead of our estimates, particularly in Las Vegas and Mississippi, which account for approximately 60 percent of estimated 1999 EBITDA of $733 million. For 2000, we are increasing our EBITDA estimate from $1.23 billion to $1.26 billion," said Curtis.
"For Harrah's, we are increasing our 1999 earnings per share estimates from $1.42 to $1.44. Our new 12-month price target is $30," said Curtis. "We believe business in Las Vegas remains strong, including room pricing at both the Rio and Harrah's properties. Trends at the company's riverboats and Atlantic City casinos are also showing year-over-year strength, particularly casino revenues." |
