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CIBC hikes estimates

Tuesday, April 9, 2002 | 11:10 a.m.

CIBC World Markets raised its earnings estimates for Harrah's Entertainment Inc. of Las Vegas on Monday, citing "very strong trends" at the company's properties in Atlantic City and the Midwest.

Gaming analyst William Schmitt raised his first-quarter cash flow estimate by 6 percent to $251.9 million, and his earnings per share estimate by 21 percent to 57 cents. Schmitt also hiked his 2002 cash flow estimate from $1.03 billion to $1.06 billion, and his 2002 earnings estimate from $2.28 per share to $2.50 per share.

Schmitt specifically pointed to the Harrah's casino in Shreveport, La., as a strong performer in the quarter. He also noted that the company's Lake Charles, La., property had not been affected as much as expected by the opening of Boyd Gaming Corp.'s Delta Downs on the Louisiana-Texas border.

Schmitt reiterated a "strong buy" rating on the stock, and raised his 12-month price target from $43 to $50 per share.

"Based on the strong trends and the company's return on its growth projects, we expect further revisions in the future," Schmitt wrote.

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