Forst named top gaming analyst

Tuesday, July 17, 2001 | 10:46 a.m.

The Wall Street Journal named Dennis Forst the year's top gaming analyst in its annual "Best on the Street Analyst Survey."

Forst, an analyst with McDonald Investments Inc., has made the Top 3 in the survey for eight of the last nine years; he's only one of seven analysts nationwide to accomplish that feat. Analysts are ranked based on how investors would have fared following their ratings and advice.

"Mr. Forst ... won this year with nimble calls -- making money ... on several stocks by downgrading his rating on them just as their prices turned down," the Journal said. "Investors who followed his calls would have seen big returns on Isle of Capri Casinos Inc. and Station Casinos Inc., for instance, although those stocks performed poorly overall during the year."

Forst said his top pick for the coming year is Harrah's Entertainment Inc., which performed strongly for most of the year before an earnings warning shaved off much of its gains earlier this month.

The No. 2 spot on the list was captured by Todd Jordan, gaming analyst with Dresdner Kleinwort Wasserstein. Jordan benefited in particular from a "strong buy" recommendation on Anchor Gaming, whose stock has run up 124 percent in the last year.

Because Anchor owns and manages several casinos, it was included in the casino sector by the Journal. But stocks such as International Game Technology and other gaming equipment suppliers were not, keeping Jordan from benefiting from a strong buy rating on IGT -- and possibly from getting the top spot on the Journal's survey.

Third place went to Harry Curtis of Robertson Stephens, who also didn't benefit from buy recommendations on IGT and other suppliers. Still, buy ratings on such stocks as Aztar Corp., Mandalay Resort Group and MGM MIRAGE helped boost Curtis's performance, the Journal said.

Curtis also made Harrah's his top pick, but sounded a cautious tone because of a slowing economy.