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Mirage shares rise on upgrade

Tuesday, Dec. 7, 1999 | 11:46 a.m.

Mirage Resorts Inc. stock rose 10.6 percent in early afternoon trading today after Lehman Brothers upgraded its rating of the casino operator's shares to "buy" from "neutral."

Mirage was quoted at $15 a share, up $1.4375, in heavy trading. Mirage stock has climbed more than 16 percent since Friday, when BancBoston Robertson Stephens also upgraded the shares.

Lehman Brothers set a six-month target price of $19 for Mirage stock and boosted its fourth-quarter and year 2000 earnings estimates.

Lehman also raised its cash-flow projection for 2000 to $631.5 million from $605 million, citing "greater expectations" from Bellagio, Treasure Island and Monte Carlo, Mirage's joint venture with Mandalay Resort Group.

Lehman said it expects the Aladdin's opening, now scheduled for the summer of 2000, won't occur before "late in 2000 at the earliest," which could benefit companies "with significant exposure to the market, such as Mirage."

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