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CIBC World Reiterates Harrah's

CIBC World reiterates Harrah's Entertainment (HET) sector perform.

Analyst William Schmitt says 95 cents to 99 cents first-quarter adjusted earnings per share guidance beats the Street's current earnings per share consensus of 83 cents and his 81 cents estimate, which he's placed under review.

He notes a strong Las Vegas market and the Horseshoe acquisition is expected to add 7 cents to 8 cents to first-quarter adjusted earnings per share. Meanwhile, GAAP earnings per share is seen at 89 cents to 93 cents, after charges tied to the acquisition of Caesars Entertainment, and other costs.

Schmitt also notes organic growth remains strong, with same-store sales growth of about 6%. He sees Harrah's stock benefiting from the company's first-quarter guidance, particularly given the recent sell-off in the gaming sector.

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