Wells Fargo Adjusts Isle of Capri Casinos Estimates

Following F2Q 2011 earnings, Wells Fargo is adjusting its Isle of Capri Casinos, Inc. (NASDAQ: ISLE) estimates and upping its year end 2011 base case valuation.

“We now project F3Q 2011 adjusted EBITDA of $38.6 million (up from $36.8 million),” Wells Fargo writes. “For the full fiscal years 2011E and 2012E, we are forecasting adjusted EBITDA of $186.1 million (up from $181.5 million) and $198.4 million (up from $194.1 million), respectively.”

Wells Fargo said that its adjusted EPS estimates for F3Q 2011, FY2011, and FY2012 are ($0.09), $0.13, and $0.56, respectively.

“Our new EPS estimates are up from our prior estimates of ($0.13), $0.06, and $0.51, respectively for the same periods,” Wells Fargo adds. “Our year end 2011 base case valuation goes to $9 from $7 (range is $8-10).”

Isle of Capri Casinos currently trades at $9.54.

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