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MERRILL LYNCH BULLISH ON AZTAR

Jul 12, 2001 8:15 PM

Merrill Lynch said it raised its investment rating on Aztar Corp., setting a price target of $15.

The upgrade from "neutral" to "accumulate" was based upon the casino and hotel operator posting record second-quarter earnings that beat the investment firm's expectations.

The surprise was driven by cash flow at the Tropicana Casino and Resort at Atlantic City. The company's Las Vegas and Laughlin properties performed up to firm estimates.