UPDATE: Credit Suisse Initiates Coverage on Caesars Acquisition Company with Outperform Rating, $13 PT on Brick-and-Mortar Assets with Upside from Online

In a report published Monday, Credit Suisse analyst Joel Simkins initiated coverage on

with an Outperform rating and $13.00 price target. In the report, Credit Suisse noted, “We initiate coverage of CACQ with an Outperform rating and $13 target price. CACQ was formed to make an equity investment in Caesars Growth Partners (CGP), which was recently spun out from Caesars Entertainment (CZR). Because CACQ's only material asset is its interest in CGP, we value CACQ based on its 43% stake in CGP.” Caesars Acquisition Company closed on Friday at $11.78.