Wells Fargo analyst Zachary Silverberg initiated coverage of Monarch Casino (MCRI) with an Underweight rating and $79 price target The firm says its cautious view reflects Monarch’s “full valuation,” slowing growth in Black Hawk, and competitive pressures in Reno. Despite the company’s strong product offering, it faces a highly competitive Reno-area market, with the challenge of new tribal casino supply in Northern California, the analyst tells investors in a research note.
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