JP Morgan Raises Estimates and Price Target on Las Vegas Sands (LVS), Wynn (WYNN) and Melco (MPEL)
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Price: $45.97 -1.31%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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JP Morgan raised Q1, 2011 and out-year estiamtes on Las Vegas Sands (NYSE: LVS), Wynn (Nasdaq: WYNN) and Melco Crown Entertainment Ltd. (Nasdaq: MPEL) citing Asia strength.
For Las Vegas Sands the firm raised their price target from $56 to $58. 1Q11 property-level EBITDAR estimate of $811.1m is above consensus. In Macau, they are increasing 1Q11 EBITDAR estimate to $361.4m from previously modeled $322.1m. In Singapore, 1Q11 EBITDAR estimate goes to $337.1m from $323.8m. 2011 EBITDAR goes to $3.245b from $3.161b on higher than previously forecasted Macau and Singapore estimates. Additionally, 2012 and 2013 EBITDAR estimates go to $3.992b and $4.443b, respectively, from $3.915b and $4.336b.
On Wynn, the firm raised their price target from $140 to $150. 1Q11 property-level EBITDA goes to $348.5m ($274.6m in Macau, $73.9m in LV) from $317.5m ($249.2m, and $68.4m, respectively). 2011 property-level EBITDA goes to $1.419b ($1.097b in Macau, $322.6m in LV), resulting in net EBITDA of $1.316b and EPS of $3.45. 2012 and 2013 property-level EBITDA estimates go to $1.663b ($1.284b in Macau, $379.2m in LV) and $1.860b ($1.434b in Macau, $425.9m in LV), respectively.
On Melco, the firm raised their price target from $8 to $9. 1Q11 net EBITDA (after corporate expense) goes to $144.1m, up from $122m and above the Street's $127m (which seems to have some stale estimates, though). City of Dream property level EBITDA goes to $102.3m from $94.4m, and Altira property level EBITDA goes to $51.8m from $38.2m. In 2011, they project $465.8m of net EBITDA, up from their prior estimate of $462.3m but below the Street's $530.2m. In 2012 they project net EBITDA of $493.8m, up from the prior $479.6m and below the Street's mean of $601.8m and median of $558.0m (difference here relates to one outlier estimate).
The firm remains Overweight on LVS and WYNN and believe new estimates for both companies are reasonably based and still leave room for potential future positive revisions. The firm remain Neutral on MPEL.
For Las Vegas Sands the firm raised their price target from $56 to $58. 1Q11 property-level EBITDAR estimate of $811.1m is above consensus. In Macau, they are increasing 1Q11 EBITDAR estimate to $361.4m from previously modeled $322.1m. In Singapore, 1Q11 EBITDAR estimate goes to $337.1m from $323.8m. 2011 EBITDAR goes to $3.245b from $3.161b on higher than previously forecasted Macau and Singapore estimates. Additionally, 2012 and 2013 EBITDAR estimates go to $3.992b and $4.443b, respectively, from $3.915b and $4.336b.
On Wynn, the firm raised their price target from $140 to $150. 1Q11 property-level EBITDA goes to $348.5m ($274.6m in Macau, $73.9m in LV) from $317.5m ($249.2m, and $68.4m, respectively). 2011 property-level EBITDA goes to $1.419b ($1.097b in Macau, $322.6m in LV), resulting in net EBITDA of $1.316b and EPS of $3.45. 2012 and 2013 property-level EBITDA estimates go to $1.663b ($1.284b in Macau, $379.2m in LV) and $1.860b ($1.434b in Macau, $425.9m in LV), respectively.
On Melco, the firm raised their price target from $8 to $9. 1Q11 net EBITDA (after corporate expense) goes to $144.1m, up from $122m and above the Street's $127m (which seems to have some stale estimates, though). City of Dream property level EBITDA goes to $102.3m from $94.4m, and Altira property level EBITDA goes to $51.8m from $38.2m. In 2011, they project $465.8m of net EBITDA, up from their prior estimate of $462.3m but below the Street's $530.2m. In 2012 they project net EBITDA of $493.8m, up from the prior $479.6m and below the Street's mean of $601.8m and median of $558.0m (difference here relates to one outlier estimate).
The firm remains Overweight on LVS and WYNN and believe new estimates for both companies are reasonably based and still leave room for potential future positive revisions. The firm remain Neutral on MPEL.
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