Casino Shares Get a Haircut: Boyd Gaming Down Nearly 9 Percent
Wall Street had its single worst day of the year today (June 20, 2013) with the Dow down 350 points at closing.
The gambling sector overall saw similar declines with Boyd Gaming down nearly 9 percent on the day closing at $10.84.
Las Vegas Sands fell 4.6 percent to close at $53.88.
Lazard analysts raised the price target of casino resort operators Las Vegas Sands Corp. (LVS) and Wynn Resorts, Limited (WYNN) on Thursday based on overall performance in Macau.
The analysts rate both stocks as “Buy” and now see shares of LVS reaching $69, up from the previous target of $66. This price target suggests a 17% upside to Wednesday’s closing price of $56.48.
Wynn shares are now expected to reach $155, up from the previous target of $145. This price target suggests a 12% upside to Wednesday’s closing price of $137.86.
Wynn was down 4.1 percent on the day.
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MGM and Melco Crown Entertainment were each down around 6 percent on the day. Two casino stocks were up including Empire Resorts (9.32 percent) and Century Casinos at 3.3 percent. Elsewhere, games maker Zynga was down 1.21 percent to 2.86. Bwin.Party (BPTY) was down 1.30 percent on the London Stock Exchange with a share price of 116.70. 888 Holdings was up 1.22 percent with a share price of 149.80. - Aaron Goldstein, Gambling911.com |
