Caesars price target lowered to $37 from $40 at Citizens JMP

Citizens JMP analyst Jordan Bender lowered the firm’s price target on Caesars (CZR) to $37 from $40 and keeps an Outperform rating on the shares. Caesars’ EBITDAR of $884M missed expectations by 6% due to unfavorable hold in Las Vegas and online operations, as well as elevated digital marketing costs, the analyst tells investors in a research note. Adjusted for the hold impact, Las Vegas and regional EBITDAR slightly exceeded forecasts, though continued weakness among lower-end consumers is expected to prompt further estimate cuts. Despite margin pressure, digital marketing spend supported a 15% increase in active players, signaling ongoing improvement in cash flow trajectory, the firm adds.