Full House Resorts price target lowered to $10 from $11 at JMP Securities

JMP Securities lowered the firm’s price target on Full House Resorts to $10 from $11 and keeps an Outperform rating on the shares. The ramp in Illinois has been bumpy given labor, operating hours, and the opening of amenities, and over the next several months, JMP expects the full offering of the casino to come online, and better match supply with demand, but impacting mix and the margin, the analyst tells investors in a research note. The firm remains confident in the run rate of ~25% margin for 2024, implying $33M of EBITDA for the full year.