Wynn stock bucked the trend in NY
Casino operator Wynn Resorts bucked the downtrend on travel and the hospitality stocks yesterday after Morgan Stanley upgraded the company from “equal-weight” to “overweight”.
Wynn may go from “double-digit EBITDA decliner to double-digit grower in the next six months,” said Morgan analyst Thomas Allen, referring to a measure of profits known as earnings before interest, taxes, depreciation and amortization.
He added that the brand might also benefit from stabilization in Macau – a city that has taken a powerful blow from the government’s corruption crackdown in addition to a broader economic slowdown in the country.
Wynn shares yesterday rose 2.4 percent to USD95, bringing their year-to-date rally to 37 percent.
The apparent stabilization of the gaming market was also reflected in the HKSE. Most of the big-six made gains yesterday with the exception of MGM China which declined slightly (-0.36 percent). Sands China led the pack gaining 2.14 percent.
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