Stifel analyst Jeffrey Stantial raised the firm’s price target on Monarch Casino (MCRI) to $92 from $81 and keeps a Hold rating on the shares after the company reported an “impressive” 15% adjusted EBITDA beat in Q2. While some upside may have been expected given improving regional trends, the magnitude of the beat “comes as a surprise and we sense primarily reflects stronger than anticipated initial demand for renovated Atlantis rooms,” the analyst tells investors in a post-earnings note. After the quarterly report, the firm’s 2025 and 2026 adjusted EBITDA forecasts move 5% higher, the analyst added.
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