Wynn, Las Vegas Sands on Winning Streak
NEW YORK (
) -- The stakes are being raised in the casino sector.
Wynn
(WYNN) - Get Report
and
Las Vegas Sands
(LVS) - Get Report
saw their price targets boosted Tuesday by an analyst who cited the company's Hong Kong initial public offerings.
3 Stocks I Saw on TV
Wedbush analyst Rachael Rothman said in a client note that Wynn priced the 1.25 billion shares in the offering in a range of $1.10 to $1.30 per share, which should help the company raise approximately $1.38 billion to $1.63 billion.
As a result, Rothman increased its price target to $57 from $51 and maintained its neutral rating. She also lifted Las Vegas Sands' price target to $10 from $9 and kept its underperform rating.
Separately, BMO Capital Markets analyst Jeffrey Logsdon said the market is still upbeat on Las Vegas Sands. He, too, upped the price target on the company, to $24 from $18, and reiterated his buy rating.
Earlier this week,
Jim Cramer said he is bullish on Wynn
, which is a less speculative bet than Las Vegas Sands.
In fact, according to a study conducted by Audit Integrity, an independent financial research and risk modeling firm, Las Vegas Sands ranks among 20 companies with the highest probability of filing for bankruptcy in the next 12 months.
Shares of Wynn jumped 6.5% to $73.09 in afternoon trading, while Las Vegas Sands was up 3% to $19.21.
-- Reported by Jeanine Poggi in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.
