Monarch Casino & Resort Inc (NASDAQ: MCRI) has been given a new price target of $76.00 by investment analysts at Macquarie. This represents a significant increase from the previous price target of $64.00. The analysts have also reiterated their “outperform” rating on the stock.
This news comes as great news for investors in Monarch Casino & Resort, as the new price target suggests a potential upside of 20% from the current price of $63.30. The stock has been performing well in recent months, with shares up over 50% year-to-date.
Monarch Casino & Resort operates two casino properties in Reno, Nevada and Black Hawk, Colorado. The company has been benefitting from a strong recovery in the gaming industry, with increased foot traffic and spending at its properties.
In addition to the positive outlook for the gaming industry, analysts at Macquarie also cited Monarch Casino & Resort’s strong financial performance as a reason for the increased price target. The company recently reported record-breaking revenues in the second quarter of 2021, with revenue up 8.3% year-over-year to $84.3 million.
Monarch Casino & Resort has also been making strategic investments to expand its business. The company recently announced plans to build a new hotel tower at its Black Hawk property, which will add 250 hotel rooms and a rooftop pool to the resort. This expansion is expected to drive further growth in revenue and earnings for the company.
Overall, the future looks bright for Monarch Casino & Resort, with analysts at Macquarie expressing confidence in the company’s ability to continue delivering strong financial results. Investors can look forward to further growth and potential upside in the stock as the company continues to expand and capitalize on the recovering gaming industry.