{"id":140163,"date":"2020-06-29T10:00:25","date_gmt":"2020-06-29T17:00:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=140163"},"modified":"2020-06-29T14:57:01","modified_gmt":"2020-06-29T21:57:01","slug":"eldorado-going-to-100-could-happen-says-one-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/","title":{"rendered":"Eldorado Still Has Triple-Digit Price Potential, According to Analyst"},"content":{"rendered":"

Shares of Eldorado Resorts (NASDAQ:ERI) are higher by more than 10 percent in midday trading Monday, a move supported in part by an analyst saying the stock has the potential to become a triple-digit name in the future.<\/p>\n

\"Eldorado
Soon-to-be Caesars Palace operator Eldorado Resorts could be a $100 stock in the future, says an analyst. (Image: AP News)<\/figcaption><\/figure>\n

In a note to clients earlier today, Stifel analyst Steven Wieczynski reiterated a \u201cbuy\u201d rating on the regional gaming company, while boosting his price forecast to $60 from $42. The new projection implies an upside of more than 50 percent from where the name trades at this writing.<\/p>\n

Our long-term bullish thesis around the ERI story has not changed at all,\u201d said the analyst. \u201cERI remains our top idea across our entire coverage universe, and we still believe this will be a triple-digit stock at some point in the not-too-distant future.\u201d<\/span><\/p><\/blockquote>\n

The Monday rebound for ERI stock comes after the name bled almost 14 percent last week, as gaming equities were pummeled by a resurgence in coronavirus cases.<\/span><\/strong><\/p>\n

Conviction Aplenty\u00a0<\/span><\/h2>\n

Wieczynski acknowledges that Eldorado’s path to the $100 club probably won’t be smooth. But he sees plenty of tailwinds coming from the operator’s takeover of rival Caesars Entertainment (NASDAQ:CZR). The Federal Trade Commission (FTC) signed off on that deal<\/a> last week. <\/span><\/p>\n

\u201cWhile there might not be a linear path to triple-digit land, given there could be some rocky trading patterns in the near-term until the COVID-19 noise\/overhang dissipates, we have even more conviction in management\u2019s CZR synergy opportunity, as well as the free cash flow (FCF) potential of the combined entity,\u201d said the analyst.<\/span><\/p>\n

Saying ERI could be a $100 stock wasn’t a far-flung notion in February, when the shares flirted with $71. Then the coronavirus pandemic struck,<\/a> sending gaming equities tumbling. ERI’s peak-to-trough decline was one of the more breathtaking in the industry, as the stock went in a matter of weeks from the aforementioned $71 flirtation to a struggle to stay above $6.<\/span><\/p>\n

\n

From current levels, ERI would need to jump about 150 percent to get to $100. But it’s not an impossible move, as Wieczynski says, \u201cWe would note we still believe we are being conservative around some of our core margin and sports betting\/iGaming assumptions.\u201d<\/span><\/p>\n<\/div>\n

By bringing Caesars into the fold, Eldorado is significantly expanding its internet casinos and sports wagering footprints<\/a>.<\/span><\/p>\n

Betting on Management<\/span><\/h2>\n

A common refrain on Wall Street is that a bet on the combined ERI\/Caesars is a wager on the former’s management team, which has a documented history of successful acquisition integration, including the 2018 deal for Tropicana Entertainment.<\/span><\/p>\n

Wieczynski embraces that view, noting it\u2019s possible that Eldorado will exceed the $500 million in cost savings it expects once the purchase of Caesars is finalized.<\/strong><\/p>\n

\u201cVery similar to a hot craps\/blackjack table, we are going to continue to ride the coattails of this management team, as we have even more confidence in them now than we did five months ago,\u201d said the analyst. \u201cAnd what we mean by that is, pre-COVID-19, we believed there was substantial upside to ERI\u2019s targeted $500M CZR synergy estimate.\u201d<\/span><\/p>\n

His $60 price target is well above the consensus forecast of $47.10.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Eldorado Resorts (NASDAQ:ERI) are higher by more than 10 percent in midday trading Monday, a move supported in part by an analyst saying the stock has the potential to become a triple-digit name in the future. In a note to clients earlier today, Stifel analyst Steven Wieczynski reiterated a \u201cbuy\u201d rating on the […]<\/p>\n","protected":false},"author":46,"featured_media":140168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nEldorado Going to $100 Could Happen, Says One Analyst<\/title>\n<meta name=\"description\" content=\"Eldorado Resorts stock is a long way from $100, but it's a legitimate possiblity the shares eventually get there, according to an analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eldorado Going to $100 Could Happen, Says One Analyst\" \/>\n<meta property=\"og:description\" content=\"Eldorado Resorts stock is a long way from $100, but it's a legitimate possiblity the shares eventually get there, according to an analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-29T17:00:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-29T21:57:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/cp2-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"1997\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/\",\"name\":\"Eldorado Going to $100 Could Happen, Says One Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/cp2-scaled.jpeg\",\"datePublished\":\"2020-06-29T17:00:25+00:00\",\"dateModified\":\"2020-06-29T21:57:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Eldorado Resorts stock is a long way from $100, but it's a legitimate possiblity the shares eventually get there, according to an analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-going-to-100-could-happen-says-one-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/cp2-scaled.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/cp2-scaled.jpeg\",\"width\":3000,\"height\":1997,\"caption\":\"Soon to be Caesars Palace operator Eldorado Resorts could be a $100 stock in the future, says an analyst. 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