CBRE Equity Research picked up coverage on Full House Resorts ( NASDAQ: FLL ) again with a Buy rating.
Analyst John DeCree called Full House Resorts ( FLL ) an under the radar casino company poised for significant growth. 2023 is seen as a transformational year for the casino operator with the scheduled opening of two major casino projects that each could double the size of the company's earnings power.
"With a significantly improved EBITDA and asset base following these two new openings, FLL should reach critical scale, gaining considerably more financial flexibility with greater operating synergies and more efficient access to capital. This will allow the company to continue its growth trajectory beyond these two projects."
CBRE's price target of $14 on FLL implies a 7.5X multiple on the firm's FY24 adjusted EBITDA estimate.
Full House Resorts ( FLL ) poked out a 0.82% in early trading on Thursday and is already up more than 15% in 2023.
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Full House Resorts attracts buy rating from CBRE with new casinos expected to power earnings