Sterne Agee lowered its estimates for 2014 gross gaming revenue in Macau to 0% from the already below consensus number of 3%. It also revised its estimates going forward for the next few years. This revision is expected to eliminate the trend of “Chinese Water Torture” — constant minor downward estimate revisions on the heels of gross gaming revenue disruptive issues.
David Bain said:
We continue to believe those hoping for good news/stability over the next several months will be disappointed — though also believe those investing with a longer-time horizon are presented with a foreword potential ‘look-back moment,’ whereby one can look back a year from now having captured significant gains from current stock levels.
Las Vegas Sands Corp. (NYSE: LVS) had its earnings per share estimates revised down for the 2014 calendar year to $3.49 from $3.52. The 2015 calendar year was revised down to $3.79 from $3.87. The 2016 calendar year was revised down to $4.24 from $4.41. Las Vegas Sands’ price target was moved down as well to $80 from $84. Las Vegas Sands closed the day at $62.88 which was a gain of 2.8% from Tuesday’s close. The consensus price target is $83.30 and the 52-week trading range is $59.52 to $88.28.
Wynn Resorts Ltd. (NASDAQ: WYNN) had its earnings per share estimates revised down for the 2014 calendar year to $8.17 from $8.26, and 2015 calendar year was revised down to $8.96 from $9.24 and 2016 was revised down to $13.13 from $13.40. The price target was moved down as well to $230 from $245. Wynn closed the day at $183.10 which was a gain of 1.8% from Tuesday’s close. Wynn’s consensus price target is $237.89 and the 52-week trading range is $150.08 to $249.31.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) had its earnings per share estimates revised down for the 2014 calendar year to $1.45 from $1.53. In years ahead, 2015 was revised down to $1.65 from $1.76 and 2016 was revised down to $2.24 from $2.39. This stock’s price target was moved down as well to $50 from $54. Melco closed the day at $26.72 which was a gain of 1.33% from Tuesday’s close, while its consensus price target is $41.47 and the 52-week trading range is $25.58 to $45.70.
MGM Resorts International (NYSE: MGM) had its earnings per share estimates revised down for the 2014 calendar year to $0.50 from $0.51. The 2015 calendar year was revised down to $.53 from $0.54. The 2016 calendar year was revised down to $0.81 from $0.85. The price target was moved down as well to $32 from $33. MGM barely rose on the day to 22.84 only a gain of 0.09% from Tuesday’s close. The consensus price target is $30.83 and the 52-week trading range is $18.40 to $28.75.
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