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home / news releases / MCRI - Monarch Casino & Resort slumps after earnings rating downgrades

MCRI - Monarch Casino & Resort slumps after earnings rating downgrades

Monarch Casino & Resort Inc.
Jefferies cut its rating on Monarch Casino & Resort (NASDAQ:MCRI) to Hold from Buy in a call tied to valuation following the strong year-to-date rally. Analyst David Katz said a comparative valuation level on MCRI of >10X EBITDA is pricing in growth appropriately and early signs of economic pressure. "While the company has the strongest balance sheet within our gaming coverage, further growth or catalysts are less defined near term," he noted. Stifel also turned cautious on Monarch Casino & Resort (MCRI) due to valuation and macro uncertainty. "While Q1 trends were healthy, we see growing risk that the regional gaming consumer begins to fade in light of inflation, gas prices, re-allocation of budgets, and/or other macro pressures," warned analyst Jeffrey Stantial. Shares of MCRI fell 5.58% in premarket action on Wednesday. On the earnings front, Monarch Casino & Resort (MCRI) reported revenue growth of 44.5% in Q1 and EBITDA

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Monarch Casino & Resort slumps after earnings, rating downgrades
Stock Information
Company Name: Monarch Casino & Resort Inc.
Stock Symbol: MCRI
Market: NASDAQ
Website: monarchcasino.com
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