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twitterAnalysts rate hotel, gaming companies
Thursday, Dec. 10, 1998 | 11:43 a.m.
Three Wall Street gaming analysts downgraded their ratings of Starwood Hotels & Resorts after the company announced it wouldn't meet earnings estimates for the fourth quarter and 1999.
James Sullivan of Prudential Securities cut Starwood to "accumulate" from "strong buy," with a 12-month price target of $35 a share. Brad Cohen of Sands Brothers & Co. downgraded Starwood to "sell" from "strong buy."
And John Rohs of Schroder & Co. dropped Starwood to "outperform" from "outperform significantly," with a 12-month target price of $31. Starwood closed Wednesday at $25.125, down $1.1875, on volume of more than 3.4 million shares.
Meanwhile, J Cogan of Nationsbanc Montgomery Securities rated Mirage Resorts and Circus Circus Enterprises "hold" and Sun International Hotels and Harrah's Entertainment "buy" in new coverage.
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