KeyBanc Capital Markets Dennis Forst
Analyst ups Wynn Resorts rating
(US).- Analyst from KeyBanc Capital Markets boosted his rating for casino operator Wynn Resorts this week, saying the casino operator is likely to see continued strength in Macau in 2011.
2011-01-05
Reading time 28 seg
On Monday shares of casino operators with properties there, including Wynn, Las Vegas Sands and MGM Resorts International, climbed after a report showed Macau's December gambling revenue rose 66 % from the year-ago period.
Aside from Macau, KeyBanc Capital Markets Dennis Forst said in a client note that Wynn should benefit from a strong balance sheet.
He increased Wynn's rating to "Hold" from "Underweight." Forst also raised the Las Vegas-based company's fourth-quarter earnings estimate to 74 cents from 52 cents per share and lifted its 2010 estimate to us$ 1.92 from us$ 1.69 per share. For 2011, the analyst now anticipates earnings of us$ 2.67 per share. Forst previously predicted earnings of us$ 2.39 per share for the year.
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