These Analysts Increase Their Forecasts On Monarch Casino & Resort Following Upbeat Q2 Results

Monarch Casino & Resort, Inc. MCRI reported better-than-expected second-quarter financial results on Wednesday.

Monarch Casino & Resort posted quarterly earnings of $1.44 per share beating market estimates of $1.22 per share. The company's quarterly sales came in at $136.914 million versus expectations of $129.834 million.

“Monarch delivered record second quarter financial results. Net revenue increased 6.8% year-over-year to $136.9 million, driven by strong casino revenues, which rose 12.1% over the same period a year-ago. Our focus on technology and operational efficiencies drove an operating margin increase of approximately 320 basis points over the prior year period to a second quarter Adjusted EBITDA margin of 37.5%. Adjusted EBITDA increased 16.8% year-over year to $51.3 million," the company's CEO said.

Monarch Casino & Resort shares jumped 25.6% to trade at $109.75 on Thursday.

These analysts made changes to their price targets on Monarch Casino & Resort following earnings announcement.

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Wells Fargo analyst Zachary Silverberg upgraded Monarch Casino & Resort from Underweight to Equal-Weight and raised the price target from $83 to $89.
Truist Securities analyst Barry Jonas maintained Monarch Casino & Resort with a Buy and raised the price target from $105 to $120.
Stifel analyst Jeffrey Stantial maintained the stock with a Hold and raised the price target from $81 to $92.

Considering buying MCRI stock? Here’s what analysts think: