Zacks Investment Research downgraded shares of Eldorado Resorts (NASDAQ:ERI) from a strong-buy rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Eldorado Resorts, Inc. is a casino entertainment company. It provides casino and entertainment services primarily in Nevada and Louisiana, United States. The Company’s facilities and services include casino games; hotels; entertainment and events; signature and casual restaurants; various venues; and guest services. Its casino also provides facilities for meetings and special events; catering and banquet services; and golf, ski, Reno bowling, baseball, basecamp climbing, truckee river, Reno fernley raceway, and museum services. Eldorado Resorts, Inc. is based in Reno, Nevada. “
Several other research analysts also recently commented on the stock. Telsey Advisory Group began coverage on shares of Eldorado Resorts in a report on Tuesday, March 13th. They set an outperform rating and a $42.00 price objective for the company. BidaskClub raised shares of Eldorado Resorts from a buy rating to a strong-buy rating in a report on Saturday, March 3rd. Roth Capital assumed coverage on shares of Eldorado Resorts in a report on Tuesday, February 20th. They issued a buy rating and a $41.00 price target for the company. SunTrust Banks reaffirmed an average rating and issued a $36.00 price target on shares of Eldorado Resorts in a report on Monday, February 5th. Finally, Jefferies Group assumed coverage on shares of Eldorado Resorts in a report on Thursday, January 18th. They issued a buy rating and a $40.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $35.00.
Several large investors have recently made changes to their positions in ERI. State Street Corp lifted its holdings in shares of Eldorado Resorts by 66.4% in the 2nd quarter. State Street Corp now owns 826,891 shares of the company’s stock valued at $16,538,000 after acquiring an additional 330,100 shares during the last quarter. Nationwide Fund Advisors raised its position in Eldorado Resorts by 60.7% in the 3rd quarter. Nationwide Fund Advisors now owns 123,310 shares of the company’s stock worth $3,163,000 after purchasing an additional 46,554 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in Eldorado Resorts in the 3rd quarter worth about $231,000. Bank of New York Mellon Corp raised its position in Eldorado Resorts by 1.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 527,940 shares of the company’s stock worth $13,542,000 after purchasing an additional 5,048 shares during the period. Finally, Comerica Bank purchased a new stake in Eldorado Resorts in the 3rd quarter worth about $852,000. 84.33% of the stock is owned by hedge funds and other institutional investors.
About Eldorado Resorts
Eldorado Resorts, Inc is a gaming and hospitality company that owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments are Nevada, Louisiana, Eastern and Corporate. As of May 1, 2017, the Company owned and operated approximately 503,000 square feet of casino space with approximately 20,000 slot machines and video lottery terminals (VLTs), over 550 table and poker games, 45 restaurants and 6,500 hotel rooms.
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