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Bear Stearns Upgrades Mandalay Resort to 'Outperform'


Bear Stearns upgraded Mandalay Resort (MBG) to outperform.

Analyst Mark Abramson says fourth-quarter results were modestly above his estimates. He's now more confident regarding the company's long-term outlook for improving return on invested capital. He notes the stock is trading right now at an enterprise-value-to-EBITDA of about 10, right in line with MGM Mirage, despite Mandalay's having a far superior return on invested capital (9%, vs. 6% for MGM).

Abramson raised the $2.76 fiscal 2005 (Jan) earnings per share estimate to $2.86, and set a $61 price target.


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