UPDATE: Deutsche Bank Initiates Hold, $16 PT on Caesars Entertainment

Deutsche Bank initiates its coverage on Caesars Entertainment

with a Hold rating and a price target of $16 in view and risk and current valation. Deutsche Bank notes, "While we find several aspects of the CZR story compelling, namely; 1) leverage to an accelerating LV recovery, 2) the operating leverage inherent in CZR's LV and regional operations, 3) a steady stream of low risk high reward development opportunities, and 4) a leading position in the event the U.S. legalizes online gaming, we ultimately believe that for the stock to work from a fundamental standpoint, “You Gotta Believe”." CRZ closed at $12.99 a share yesterday.