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CS First Boston downgraded Harrah's Entertainment (HET
) to hold from buy.
Analyst Brian Egger says Harrah's stock is up 32%, outperforming the 11% decline in the S&P 500, since his assignment of a strong buy rating on Jan. 26, 2001 and his April 24, 2001 downgrade to buy, based on price. He notes shares are up another 18%, eclipsing the 5% drop in the S&P 500, since his April 24, 2001 rating change. Egger cited two key considerations: A reassessments of the stock's performance outlook in view of a prospect of deceleration in Midwest gaming revenue growth, and a more conservative view of valuation. Egger maintains his $2.30 2002 EPS estimate, and $2.70 for 2003, as well as his $48 12-month target.