Analyst Steinberg switches firms
Another gaming analyst has switched seats.
Merriman Curhan Ford Group said it would initiate coverage of the gaming sector under equity research analyst Adam Steinberg. Previously, Steinberg was lead gaming analyst for Morgan Joseph.
Steinberg held research positions for 15 years with Morgan Joseph, CIBC World Markets and Bear, Stearns. He also worked in the gaming industry as director of business evaluation at lottery company GTECH Corp.
Steinberg, who will be based in Merriman’s New York office, will follow seven regional casino operators, including Las Vegas-based Boyd Gaming Corp., Ameristar Casinos, Pinnacle Entertainment and Full House Resorts.
He initiated coverage with Buy ratings on Full House and Pinnacle, and Sell ratings on Ameristar and Boyd.
Steinberg is the latest gaming analyst to swap investment houses.
In June, Joel Simkins left Macquarie Securities for a similar role with Credit Suisse. Chad Beynon, who also followed the gaming industry for Macquarie, replaced Simkins.
Robert LaFleur moved from Susquehanna Financial Group in February and joined Connecticut-based Hudson Securities. Rachael Rothman, formerly of Wedbush Morgan, replaced LaFleur at Susquehanna.
Oppenheimer’s David Katz bolted his firm after eight years for a similar position at Jefferies & Co.