Bank of America Reiterates Underperform on Caesars Entertainment on Updated Valuation, SOTP

In a report published Thursday, Bank of America analyst Shaun C. Kelley reiterated an Underperform rating and $11.00 price target on

. In the report, Bank of America noted, “Caesars is moving toward the distribution of subscription rights for ‘CAC' through which shareholders have the right to invest in Caesars Growth Partners (CGP) by exchanging that right for $8.64 in cash. Below we update our sum-of-the-parts for CGP and our model for recent deals but maintain our Underperform and $11 PO.” Caesars Entertainment Corp. closed on Wednesday at $20.40.