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CSFB Raises Park Place, Cuts Mandalay Rating31 May 2001NEW YORK -— As reported by Reuters: "Credit Suisse First Boston said on Thursday it had upgraded Park Place Entertainment Corp. (NYSE: PPE) to buy from hold and downgraded Mandalay Resort Group (NYSE: MBG) to hold from buy "Analyst Brian Egger raised the 12-month price target on Park Place, the parent of Bally's and Caesar's Palace, to $16 from $12, citing improved fundamentals at the company while the share pice has lagged. "…Mandalay Resort, which owns Mandalay Bay, Circus Circus and Luxor, among other casinos, was downgraded based on price since the shares have risen 25 percent since March 31 and have outperformed the S&P 500 over that period, he said. "…`While our view of MBG's fundamentals has not changed since we commented on its first-quarter earnings results, the company's near-term outlook is not sufficiently compelling to warrant the higher price target that would justify a sustained buy recommendation,''Egger said in a research note…" |