Nomura Securities Maintains a 'Buy' on Wynn Resorts (WYNN); Maybe Making an Offer They Can’t Refuse?
Tweet
Share
E-mailGet Alerts WYNN Hot Sheet
Price: $102.53 +0.16%
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Nomura Securities maintains a 'Buy' on Wynn Resorts (NASDAQ: WYNN) price target of $139.00.
Analyst, Harry Curtis, said, "WYNN announced that its Board has redeemed Mr. Okada’s 24m shares and an investigation of FCPA violations. If the redemption stands at the current terms (a $1.9bn note issued by WYNN to Aruze USA at 2% per annum with principal paid at the end of 10 years), there would be immediate earnings accretion of ~ 20% (to nearly $8.19/share in 2013 from $6.82) and at least a ~10% increase in WYNN’s value per share (our 12-month price target would increase to $153 from $139). We would expect Mr. Okada to file suit to prevent the transfer agent from delivering the shares to WYNN, and a complex legal battle to ensue. Although the dispute intensifies, this investigation should be a near-term positive for WYNN’s shares and we reaffirm our rating."
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $112.69 yesterday.
Analyst, Harry Curtis, said, "WYNN announced that its Board has redeemed Mr. Okada’s 24m shares and an investigation of FCPA violations. If the redemption stands at the current terms (a $1.9bn note issued by WYNN to Aruze USA at 2% per annum with principal paid at the end of 10 years), there would be immediate earnings accretion of ~ 20% (to nearly $8.19/share in 2013 from $6.82) and at least a ~10% increase in WYNN’s value per share (our 12-month price target would increase to $153 from $139). We would expect Mr. Okada to file suit to prevent the transfer agent from delivering the shares to WYNN, and a complex legal battle to ensue. Although the dispute intensifies, this investigation should be a near-term positive for WYNN’s shares and we reaffirm our rating."
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $112.69 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
- JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
- Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c
Create E-mail Alert Related Categories
Analyst Comments, Stock BuybacksRelated Entities
Nomura, EarningsSign 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!
