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Tuesday, June 14, 2011 4:33:07 PM
NYNY charts & related news: - Booming gambling venues in Asia continue to be the primary driver in the casino sector, as yet another analyst has raised its outlook on U.S. casino firms with Asia exposure.
Overall, the Casino Stocks Index is up 2%, with strong moves by Wynn Resorts (NASDAQ: WYNN - News) and MGM Resorts International (NYSE: MGM - News), both the subject of upgrades from analyst Citadel on Tuesday.
Citadel raised its rating on both companies to "add" from "neutral," giving Wynn a price target of $150 and MGM a price target of $16. Both targets represent solid upside from current levels. The firm pointed to low valuations and limited near-term competition in Singapore and Macau as the reasons for the optimistic view.
A pair of domestic-focused names were also getting analyst attention, as Pinnacle Entertainment (NYSE: PNK - News) and Ameristar Casinos (NASDAQ: ASCA - News) were initiated with "strong buy" ratings at Raymond James. The former was awarded a price target of $18; the latter received a target of $20.
Empire Resorts (NASDAQ: NYNY - News) and Boyd Gaming (NYSE: BYD - News) were other notable movers in the sector, both up over 3% early.
NYNY Charts
Overall, the Casino Stocks Index is up 2%, with strong moves by Wynn Resorts (NASDAQ: WYNN - News) and MGM Resorts International (NYSE: MGM - News), both the subject of upgrades from analyst Citadel on Tuesday.
Citadel raised its rating on both companies to "add" from "neutral," giving Wynn a price target of $150 and MGM a price target of $16. Both targets represent solid upside from current levels. The firm pointed to low valuations and limited near-term competition in Singapore and Macau as the reasons for the optimistic view.
A pair of domestic-focused names were also getting analyst attention, as Pinnacle Entertainment (NYSE: PNK - News) and Ameristar Casinos (NASDAQ: ASCA - News) were initiated with "strong buy" ratings at Raymond James. The former was awarded a price target of $18; the latter received a target of $20.
Empire Resorts (NASDAQ: NYNY - News) and Boyd Gaming (NYSE: BYD - News) were other notable movers in the sector, both up over 3% early.
NYNY Charts
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