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Jefferies Ups Isle of Capri to 'Buy'


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

Analyst Lawrence Klatzkin says Isle will be able to generate cash flow greater than Elgin's Grand Victoria, which generated $91 million EBITDA in a year to July, 2003. He notes Isle will use the Rosemont facility: barge in place, with construction partly complete, and will use a bridge to a one million square-foot convention center, two nearby hotels, and a 5,000-space parking garage.

Klatzkin says Isle can run shuttles to Chicago's O'Hare International Airport, which is within 15 minutes of the casino property. Given the location, infrastructure, and tax set-up, Rosemont should be a cash windfall, Klatzkin says. He see 55 cents fourth-quarter earnings per share, $1.63 in fiscal 2004 (Apr.), and $1.78 in fiscal 2005. He upped the $22 to $24 target to $31.


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