Century Casinos "buy," estimates reduced

03/19/07 - Morgan Joseph & Co

NEW YORK, March 19 (newratings.com) - Analyst Adam Steinberg of Morgan Joseph maintains his "buy" rating on Century Casinos Inc (CNTY), while reducing his estimates for the company. The target price is set to $12.00.

In a research note published this morning, the analyst mentions that the company has reported its 4Q06 GAAP net income at $2.8 million and operating EPS broadly in-line with the estimates and the consensus. Century Casino’s EBITDA for the quarter was short of expectations due to adverse weather conditions, which affected the performance of the company's two casinos located in Colorado, and lower-than-expected slot offering at the newly opened Central City, the analyst says. The EPS estimate for 2007 has been reduced from $0.60 to $0.59.