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Jefferies Lowers Isle of Capri to 'Hold'


Jefferies downgraded Isle of Capri Casinos (ISLE) to hold from buy.

Analyst Lawrence Klatzkin says as a result of the company's weak cash flow this quarter, his lowered cash-flow estimates doesn't justify raising his price target to a level high enough for Isle of Capri to remain a buy. He says the casino operator realized lower-than-expected cash flow at its Louisiana properties due to increased construction disruption at its Bossier & Lake Charles properties, and slower growth in the Bossier market as a weak Dallas economy affected results.

Klatzkin notes Isle of Capri also had weaker performance at its Kansas City property. He cut the $1.68 fiscal 2004 (Apr.) earnings per share estimate to $1.57, and cut the $1.86 fiscal 2005 estimate to $1.78.


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