Brean Murray Carret Tweaks Estimates on Wynn Resorts (WYNN) After Buying Out Mr. Okada
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Price: $98.82 +1.37%
Rating Summary:
27 Buy, 15 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
Rating Summary:
27 Buy, 15 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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Brean Murray Carret & Co. is reaffirming its Buy rating and $153 price target on shares of Wynn Resorts (NASDAQ: WYNN), while adjusting its estimates for repurchasing Disrector Kazuo Okada's 20 percent stake.
After finding that Mr. Okada was unable to carry a gaming license, WYNN purchased his stake in the company and removed Mr. Okada from its board.
For FY12, the firm raised its EPS estimate from $5.71 to $6.61 on $5.59 billion in revenues and $1.62 billion in EBITDA.
The firm is also introducing its FY13 estimates, which call for $1.7 billion in EBITDA and $7.43 in EPS. Gaming and hotel revenue should increase 5 percent in Las Vegas and by 11 percent in Macau.
An analyst at Brean Murray Carret comments, "Clearly the potential for negative headlines arising from additional accusations, investigations and regulatory actions will be an overhand for Wynn shares over the near-term. Long-term, if negative headlines are minimal or a settlement is reached the stock could react positively.
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 $118.10 yesterday.
After finding that Mr. Okada was unable to carry a gaming license, WYNN purchased his stake in the company and removed Mr. Okada from its board.
For FY12, the firm raised its EPS estimate from $5.71 to $6.61 on $5.59 billion in revenues and $1.62 billion in EBITDA.
The firm is also introducing its FY13 estimates, which call for $1.7 billion in EBITDA and $7.43 in EPS. Gaming and hotel revenue should increase 5 percent in Las Vegas and by 11 percent in Macau.
An analyst at Brean Murray Carret comments, "Clearly the potential for negative headlines arising from additional accusations, investigations and regulatory actions will be an overhand for Wynn shares over the near-term. Long-term, if negative headlines are minimal or a settlement is reached the stock could react positively.
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 $118.10 yesterday.
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