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BofA Upgrades Caesars Entertainment to Buy

Banc of America upgraded Caesars Entertainment (CZR) to buy from neutral.

Analyst J. Cogan says he's been on the fence with Caesers for a while, but says the MGM Mirage/Mandalay Resorts merger news knocked him into the buy camp. He notes the bid could fuel questions of, "Who's next?"

He says Caesers could be viewed as a more likely potential acquisition candidate by Harrah's Entertainment, given its desire for increased Vegas exposure, strong brands, and the desire to further consolidate the industry. Even if another mega-deal isn't in the making, he thinks Caesars could still outperform.

Cogan says relative valuation, improved operations, and a "better-than-before" growth story all help Caesars' cause. He upped the $15 target to $18.

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