Park Place stock upgraded
Thursday, April 15, 1999 | 10:40 a.m.
Park Place Entertainment stock rose 37.5 cents, or 4.4 percent, to $9 a share Wednesday after BankBoston Robertson Stephens gaming analyst Harry Curtis upgraded his rating on the company to a "buy" from "market perform."
"While the shares have appreciated 35 percent year-to-date," Curtis said, we believe strong business trends in Las Vegas and in Mississippi will produce above-consensus results and that better-than-expected earnings per share will result in multiple expansion."
Curtis set a 12-month price target of $12 a share. The analyst boosted his first-quarter per-share earnings estimate to 12 cents from 10, his full-year estimate to 48 cents from 43 and his year 2000 estimate to 61 cents from 55.
The estimates don't include any impact from the possible acquisition of the Caesars World hotel-casinos from Starwood Hotels & Resorts Worldwide.
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