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Robertson Stephens Cuts Mandalay Resort Rating

Hotel casino operator Mandalay Resort (MBG) was lowered to a market perform by Robertson Stephens after the company posted third quarter earnings per share of $0.32.

Analyst Harry Curtis says results in line with revised estimates, but fourth quarter results are likely to show a loss of $0.05 a share. Curtis thinks the problem is a lack of booking visibility as demand trends for rest of year are likely to be challenging.

Curtis says Las Vegas is experiencing seasonal weakness, exacerbated by cancellations of groups and conferences and soft pre-bookings during New Year's week. He adds that the stock is within about 10% of his 12-month $25 target. He thinks Mandalay's inconsistent operating results in Vegas will make multiple expansion difficult. He says a reasonable re-entry point is the mid-to-high teens.

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