) to sell from hold.
Analyst William Lerner says near-term to medium-term risks are too great for Argosy for him to continue recommending ownership right now. Lerner cited the company's third quarter shortfall and reduced fourth quarter guidance. He says a combination of heightened competitive pressure into 2003, and construction disruption for the bulk of 2003 led him to cut the $3.18 2003 earnings per share estimate to $2.66. Lerner believes the potential for further 2003 estimate cuts exists in conjunction with tempered longt-term growth prospects depending on legislative or regulatory outcomes in Kentucky, Ohio and Illinois. He cuts the $23 target to $16.