Caesars price target lowered to $62 from $65 at JMP Securities

JMP Securities analyst Jordan Bender lowered the firm’s price target on Caesars to $62 from $65 and keeps an Outperform rating on the shares. March casino revenue was up 3% year over year, capping a mixed Q1 for brick and mortar gaming, and while weather hurt headline results for the quarter, March spend/visitor was up year over year for the first time since late 2022, acting as an encouraging key performance indicator for companies heading into a period of easier comps, the analyst tells investors in a research note. The earnings contribution stemming from online divisions will start to meaningfully benefit Caesars through valuation and cash flow, JMP says.