UPDATE: Jefferies Raises PT to $24 on Ameristar Casinos; Margin Strength, Better Top-Line

Jefferies increases its price target from $20 to $24 on Hold-rated Ameristar Casinos ASCA as the company shows margins strength and an improved top-line. Jefferies says, "While the quarter reflected more of the same, continued margin strength, modestly better top line trends, and largely sticky business at Ameristar KC despite the Hollywood Kansas Speedway opening, we were not surprised by the move in shares today. At current levels, after some shareholder churn, we believe the upside to estimates and ASCA's reinvigorated story (development project, industry leading and still improving margins, and less cannibalization fears than regional peers) are attractive and differentiated elements." ASCA closed at $19.76 on Wednesday.