5 Best Entertainment Stocks To Buy In 2023

2. Caesars Entertainment, Inc. (NASDAQ:CZR)

Number of Hedge Fund Holders: 61

Caesars Entertainment, Inc. (NASDAQ:CZR) is a gaming and hospitality company in the US that owns or manages properties with slot machines, table games, and hotel rooms, as well as offering sports wagering across multiple North American jurisdictions through both retail and online channels. The company also provides dining, entertainment, staffing, and management services. It is one of the best entertainment stocks to invest in. 

On February 22, JPMorgan analyst Joseph Greff increased the firm’s price target for Caesars Entertainment, Inc. (NASDAQ:CZR) from $67 to $69 and maintained an Overweight rating on the shares. The analyst noted that the Q4 earnings report did not bring any surprises, as the positive pre-announcement last month had already set the expectations. Looking forward, the firm’s estimates for the land-based casinos in Las Vegas and Regional for 2023 and 2024 remain unchanged. According to the analyst, Caesars Entertainment, Inc. (NASDAQ:CZR) will continue to have momentum in Las Vegas, digital operations, and free cash flow.

According to Insider Monkey’s fourth quarter database, 61 hedge funds were long Caesars Entertainment, Inc. (NASDAQ:CZR), compared to 56 funds in the prior quarter. Ken Griffin’s Citadel Investment Group is a significant position holder in the company, with 1.5 million shares worth nearly $63 million. 

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Caesars Entertainment, Inc. (NASDAQ:CZR) in its Q4 2021 investor letter:

“Caesars Entertainment, a diversified casino-entertainment and resort company, underperformed in the period as its quarterly earnings update was viewed as disappointing by investors. The firm highlighted a number of one-time headwinds that ultimately weighed on margins, as well as some negative impacts brought on by the surge in COVID cases. Despite this, we believe that the sizable overall margin improvements Caesars has realized coming out of the pandemic will ultimately prove sustainable in the long run.”

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