BUZZ-Argus lowers Wynn's PT on weak US markets
Las Vegas Sands Corp. LVS | 54.84 54.84 | +2.60% 0.00% Pre |
Wynn Resorts, Limited WYNN | 103.06 103.06 | -0.90% 0.00% Pre |
** Argus lowers casino operator Wynn Resorts WYNN.O price target, citing weakness in U.S. markets
** PT at $135 from $150 earlier; maintains "buy" rating
** New price target represents 18% upside on stock's last close
** Brokerage says WYNN competes against the much larger Las Vegas Sands in both Macau and Las Vegas, which could lead to lower margins and loss of market share
** On Feb 12, co missed its Q4 adjusted profit estimates on weaker performance in its Las Vegas business and other regional properties
** However, brokerage says it expects WYNN's new casino/resort in the UAE, the first of its kind there, to be highly profitable
** As of last close, shares down about 4.9% YTD