Wells Fargo Adjusts Isle of Capri Casinos Estimates

Following F2Q 2011 earnings, Wells Fargo is adjusting its Isle of Capri Casinos, Inc. 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.