This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Casino Winners, Losers: Las Vegas Sands

NEW YORK (TheStreet) -- The casino sector is in the spotlight Tuesday after J.P. Morgan revised its outlook on several stocks, and as the sector prepares to release first-quarter earnings.

Las Vegas Sands (LVS) saw its price target hiked by J.P. Morgan to $29 from $23, as Las Vegas Sands rolls out its Singapore casino, and as room rates and occupancy levels on the Las Vegas Strip improve.

J.P. Morgan also declared that it still sees upside from MGM Mirage (MGM), lifting its price target on MGM to $17 from $14.

J.P. Morgan analyst Joseph Greff said he expects 2011 will be a much better year for the convention and group business, with stronger volumes and increased pricing. "We think MGM's Las Vegas Strip group/convention bookings are underappreciated and not reflected in the stock's valuation or in buy/sell-side expectations," he wrote in a note.

Goldman Sachs also boosted MGM's price target to $17.50 from $14.50. The brokerage firm said its is confident that MGM will close on all of its planned asset sales as it looks to reduce debt.

Greff also believes Wynn Resorts (WYNN) can run as high as $88 a share, as he is optimistic on the company's Macau operations and believes its Encore opening in the Chinese enclave will provide a boost to shares.

In response, the casino operator hit a 52-week high Tuesday afternoon of $88.62.

Ameristar Casinos (ASCA) is sinking after Greff downgraded the stock to neutral from overweight. Currently, shares of the casino operator are up 20% for the year-to-date period, outpacing the S&P 500 by about 13 percentage points.

"We believe the move in shares thus far in 2010 is a reflection of Ameristar's strong free cash flow profile, an undemanding valuation, a sector-related move, investor belief that competition in the St. Louis market would have a negligible impact on Ameristar's St. Charles results and that regional gaming spending will eventually improve," Greff wrote in a note.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,063.99 -34.46 -0.20%
S&P 500 2,003.12 -0.25 -0.01%
NASDAQ 4,587.0320 +6.7610 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs