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J.P. Morgan Starts Coverage of Gaming Industry11 April 2002NEW YORK –As reported by Reuters: "J.P. Morgan said it started coverage of the gaming industry Thursday, with `buy' ratings on six casinos and a `long-term buy' rating on another. "Analyst Harry Curtis said in a research note that supply growth is constrained, allowing pricing power, and margins are expanding. He predicted room pricing and casino revenues will be better than expected, making second-quarter, 2002 and 2003 earnings estimates conservative for most companies. "…Curtis put `buy' ratings on Harrah's Entertainment (HET), MGM Mirage (MGG), Park Place Entertainment Corp. (PPE), Mandalay Resort Group (MBG) and Station Casinos Inc. (STN). He rated International Game Technology (IGT) as a `long term buy.' "Price targets are: Harrah's $55; MGM Mirage $45, Park Place $14, Mandalay $43, Station Casinos $21, and IGT $68…" |