08:30 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month price target by $5 to $37, based on 5.4x our 2024 EBITDA estimate and below the company's 1-year average forward EV/EBITDA multiple of 8.7x, reflecting our view that CZR is overleveraged with an EBIT/Interest Expense ratio of just 1.1x during a strong economic year in the U.S. We lower our 2024 EPS estimate by $0.60 to $0.40 and 2025 EPS estimate by $0.50 to $0.75. CZR posts normalized Q1 EPS of ($0.44) vs. $0.14, $0.38 below consensus estimates on revenues of $2.74B vs. $2.83B and $88M below estimates. By segment, Las Vegas revenues declined 4.5% Y/Y, Regional declined 1.7%, and Caesars Digital increased 18.5%. Debt remains our biggest concern as the company has repaid almost none of its debt load and refinanced a large portion in Q1. We wouldn't be surprised to see the company sell off some of its assets over the next year to pay down some of its debt. That being said, valuation has compressed significantly and we believe shares trade near fair value.