Shares of Ameristar Casinos Inc. reached a fresh 52-week high Thursday as a Goldman Sachs analyst upgraded the casino operator on its first-quarter results and regional presence.

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Neutral - Price 7.61 on Nov. 11
by JPMorgan

ASCA's 3Q08 GAAP earnings per share were 25 cents...we calculate recurring EPS of 34 cents, 5 cents better than our 29-cent estimate and 7 cents better than the Street's 27-cent estimate....Our 2009 EPS goes to $1.11, from 91 cents...We remain cautious about ongoing competitive pressures...We believe downside is limited at current levels; ASCA trades at 6.4 times 2009 estimated enterprise value/earnings before interest, taxes, depreciation and amortization and 5.5 times 2010E EV/Ebitda...versus historic 7.3 times. Market cap: $440 million.

Underweight - Price 17.45 on June 3
by JPMorgan

Our rating reflects caution on ASCA's 1) ongoing competitive pressures...notably on: Ameristar East Chicago, Ind., [near] Harrah's Hammond property; 2) our expectations of continued soft gaming spending in most markets; 3) premium [enterprise value/earnings before interest, taxes, depreciation and amortization] valuation compared with historical average; 4) a lack of identifiable near-term positive catalysts; and 5) below-historical [returns on invested capital]. As such, over the next six to 12 months we expect ASCA to underperform our coverage universe; 52-week high/low: 38/15.29. Market cap: $1 billion.

11.9

SMAREAL

Ameristar Casino Las vegas

Upgraded by Jefferies & Co from Hold to Buy

own

Downgraded by Prudential from Neutral to Underweight