Praise and an upgrade from gaming industry analysts helped push Ameristar Casinos (ASCA: 15.09 0.00%) to a gain in early trading Monday while much of the casino gambling sector continued its year-long plummet.

JPMorgan moved its rating of the casino operating company from “Neutral” to “Upgrade” before the start of business Monday. This followed a client note released by Nicholas Danna of Sterne Agee which noted Ameristar’s earnings in the fourth quarter, which beat analyst predictions.

Danna also said he expected continued strong performance by Ameristar, particularly as the Black Hawk casino in Colorado completes a major renovation. He held firm on a projected earning per share of $1.11 for 2009, as well as a price target of $16.

Ameristar reported fourth-quarter earnings of twenty cents per share, four cents over the consensus expectation.

While some casinos were shedding ten percent or more value Monday, Ameristar had risen sixteen cents to increase almost two percent.

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