UPDATE: BofA Cuts Target on Wynn (WYNN) to $130, on Las Vegas Sands (LVS) to $60
Tweet Send to a FriendGet Alerts WYNN Hot Sheet
Price: $140.99 +1.17%
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade WYNN Now!
(Updated - June 22, 2012 9:35 AM EDT)
BofA Merrill Lynch's Shaun Kelley reduced estimates and his price targets on shares of Wynn Resorts (Nasdaq: WYNN) and Las Vegas Sands (NYSE: LVS) Friday morning.
Kelley now sees Wynn shares rising to $130 over the next year, down from $140 previously, and Las Vegas Sands shares rising to $60, down from a prior $65 price target. The analyst reiterated Buy ratings on both stocks.
The analyst cited concerns related to some softness in Wynn's VIP business in Macau and slower-than-expected growth for the opening of Sands Cotai Cental. Kelley believes the Cotai Central resort may be cannibalizing other Macau properties more than he had expected.
Kelley reduced his second-quarter EBITDA estimate for Las Vegas Sands from $937 million to $888 million and his quarterly EBITDA estimate for Wynn from $388 million to $362 million.
With shares of Wynn last trading around $102.24, the new price target represents potential upside of about 27 percent. Las Vegas Sands shares are trading near $44.69 in pre-open action Friday, suggesting possible price appreciation of about 34 percent.
Check out our Ratings Insider portal to get the most comprehensive and up-to-date analyst coverage on the Street.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
BofA Merrill Lynch's Shaun Kelley reduced estimates and his price targets on shares of Wynn Resorts (Nasdaq: WYNN) and Las Vegas Sands (NYSE: LVS) Friday morning.
Kelley now sees Wynn shares rising to $130 over the next year, down from $140 previously, and Las Vegas Sands shares rising to $60, down from a prior $65 price target. The analyst reiterated Buy ratings on both stocks.
The analyst cited concerns related to some softness in Wynn's VIP business in Macau and slower-than-expected growth for the opening of Sands Cotai Cental. Kelley believes the Cotai Central resort may be cannibalizing other Macau properties more than he had expected.
Kelley reduced his second-quarter EBITDA estimate for Las Vegas Sands from $937 million to $888 million and his quarterly EBITDA estimate for Wynn from $388 million to $362 million.
With shares of Wynn last trading around $102.24, the new price target represents potential upside of about 27 percent. Las Vegas Sands shares are trading near $44.69 in pre-open action Friday, suggesting possible price appreciation of about 34 percent.
Check out our Ratings Insider portal to get the most comprehensive and up-to-date analyst coverage on the Street.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- UBS Survey Shows Signs of Strength for Gilead's (GILD) TAF
- Wells Fargo Downgrades Aruba Networks (ARUN) to Market Perform
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
Merrill Lynch, Bank of AmericaComments
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
After the decline changes
Ralph Petrillo on Jun 22, 2012 08:28 AMMark as Spam | Reply to this comment
So they were off by 30% to 40%, and then they changed their projections. What a job. When you are wrong, you change your predictions. Then if the stock takes off you change the projections again to a higher forecast. Someone should keep a record of the number of changes to projections, otherwise their is no real understanding of successes and failures.