Wells Fargo analyst Zachary Silverberg upgraded Monarch Casino (MCRI) to Equal Weight from Underweight with a price target of $89, up from $83, following the Q2 report. The firm cites the company’s “strong” operational execution, ‘reasonable” valuation at current share levels, and visible free cash flow for the upgrade. Wells says its Underweight reflected uncertainty regarding Monarch’s future growth prospects, but management’s recent execution warrants higher estimates and an upgrade.
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