Century Casinos, Inc. (NASDAQ:CNTY) shares continued an upward trajectory Tuesday, after climbing around 65% over the past month.

The completion of the land-based facility in Caruthersville, Missouri, marked the end of "an M&A and refurbishment cycle" across the company's U.S. portfolio, according to JMP Securities.

Analyst Jordan Bender upgraded the rating for Century Casinos from Market Perform to Market Outperform, while establishing a price target of $5.

The Century Casinos Thesis: With the end of its capex cycle, the company's focus on execution would likely generate EBITDAR (earnings before interest, taxes, depreciation, amortization and restructuring costs) growth in the medium-term, Bender said in the upgrade note.

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He expects Century Casinos' free cash flows to inflect $83 million from 2024 to 2026.

"The color and commentary during the 3Q24 call were incrementally more positive compared to prior quarters, as management is seeing green shoots across several areas within its business," the analyst wrote.

"We believe the momentum bodes well for 2025 as the company captures project returns stemming from the ~$130M capex cycle post-pandemic, while Polish headwinds stabilize in the coming quarters," he further stated.

Despite the recent upturn in the stock, expectations remained low, "leaving room for further upside," Bender said.

CNTY Price Action: Shares of Century Casinos had risen by 11.08% to $4.11 at the time of publication on Tuesday.

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