When Wall Street’s target prices are nuts, what do analysts do? Cut them and say share weakness means a buying opportunity.
Jeffries can’t give up on Vegas now, so the firm cut targets for 3 casino stock targets while reiterating BUYs. The main rationale: the stocks are too low.
Jeffries reiterates BUY on Las Vegas Sands (LVS), target cut from $116 to $93.
Jeffries reiterates BUY on WYNN Resorts (WYNN), target cut from $138 to $116.
Jeffries reiterates BUY on MGM Mirage (MGM), target cut from $102 to $89.
The casino and gaming industry has been among the hardest hit as a recession looms. And the recent stock collapses are surely cyclical. But two vital questions remain: how much is cyclical and when is the bottom?
Citi: Don’t Go Near Las Vegas Sands (LVS) or Gaming Industry (LVS, BYD, MGM, WYNN)
Las Vegas Sands (LVS), WYNN Casinos (WYNN), et al: Worst Yet To Come (LVS, WYNN, MGM)
Gambling Fears Overblown: Las Vegas Sands (LVS), MGM (MGM), and Wynn Resorts (WYNN) Could Double (LVS, MGM, WYNN)