Casino operator Star Entertainment falls on Jefferies downgrade, PT cut

** Shares of Australia's Star Entertainment SGR fall as much as 11.3% to A$0.43 to hit their lowest since Feb.20

** Analysts at Jefferies cut price target on Star to A$0.43 from A$0.47

** Brokerage downgrades rating on stock to "Underperform" from "Hold"

** Remains concerned around the embattled casino operator's operations amid changing regulatory and governance regime

** Says findings of the second Bell Review, which commenced on Monday, could see Star no longer retain its Sydney casino license

** We expect SGR equity value to be significantly impacted by the findings of Bell Review 2 - Jefferies

** Brokerage adds that debt refinancing remains a key risk for Star

** Stock has fallen 5.8% this year as of last close