Stifel raised the firm’s price target on Monarch Casino (MCRI) to $102 from $97 and keeps a Hold rating on the shares. While some upside was likely appreciated given strong Reno state-reported marketwide gross gaming revenue growth, the magnitude of the beat “comes as a surprise and mostly factors steady product-driven share expansion,” the analyst tells investors in a post-earnings note.
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Read More on MCRI:
- Monarch Casino Reports Record Q1 Results, Boosts Shareholder Returns
- Closing Bell Movers: Capital One, Interactive Brokers slip after results
- Monarch Casino reports Q1 EPS $1.52, consensus $1.15
- MCRI Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Monarch Casino price target raised to $97 from $93 at Wells Fargo