Ameristar Casinos "neutral weight," estimates reduced

03/22/07 - Prudential Financial

NEW YORK, March 22 (newratings.com) - Analyst Joel H Simkins of Prudential Financial maintains his "neutral weight" rating on Ameristar Casinos Inc (ASCA), while reducing his estimates for the company. The target price is set to $34.

In a research note published this morning, the analyst mentions that year-to-date, the company has reported a decline in the gross gaming revenues at its two Missouri properties. The results of Ameristar Casinos’ Black Hawk have also been impacted by unfavourable weather conditions, Prudential Financial adds. The performance of the company’s Council Bluffs has been weak so far this year, the analyst says. The EPS estimates for 2007 and 2008 have been reduced from $1.44 to $1.40 and from $1.43 to $1.38, respectively.