Jefferies downgraded Caesars (CZR) to Hold from Buy with a price target of $22, down from $39. The company’s lower than expected Q3 results and commentary, along with factors outside of its control, could require further capital that will limit upside to the shares, the analyst tells investors in a research note. Jefferies says its confidence that Caesars can grow in Las Vegas and regionals is low. “The path to upside for CZR is getting more complex,” the firm contends.
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