Associated Press
Sector Snap: Wynn, Sands price targets raised
Associated Press, 09.22.09, 01:38 PM EDT
NEW YORK -- An analyst boosted the price targets of casino operators Wynn Resorts Ltd. and Las Vegas Sands Corp. on Tuesday, citing Wynn's pricing of its Hong Kong initial public offering.
Wedbush's Rachael Rothman said in a client note that Las Vegas-based 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 between approximately $1.38 billion and $1.63 billion.
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Yahoo! BuzzRothman increased Wynn's price target to $57 from $51 and lifted Las Vegas Sands ( LVS - news - people )' price target to $10 from $9. She maintained Wynn's "Neutral" rating and Las Vegas Sands' "Underperform" rating.
Shares of Wynn jumped $4.30, or 6.3 percent, to $72.97 in afternoon trading. The stock has traded in a range of $14.50 to $95 over the past year.
In a separate client note, Jeffrey Logsdon of BMO Capital Markets said the market is still upbeat on Las Vegas Sands as it seems increasingly likely that the casino operator will move forward with its own Hong Kong IPO.
Logsdon increased the price target of the Sheldon Adelson-led company to $24 from $18. He reiterated an "Outperform" rating.
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Comment On This StoryLas Vegas Sands' stock gained 62 cents, or 3.3 percent, to $19.26. Over the past year, the shares have traded in a range of $1.38 to $42.51.
(This version CORRECTS Kerkorian reference, changing to Sheldon Adelson; UPDATES stock quote.)
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