Wynn Resorts shares got a rating boost from Argus Research, on coronavirus vaccine rollout.
Argus Research analyst John Staszak raised rating on the casino operator’s shares to buy from hold. Staszak has a price target of $160 on the shares,
According to Staszak, the rollout of coronavirus vaccines and increased leisure travel will boost Wynn’s business in Vegas and its property in Boston. Staszak also expect Wynn to benefit from a recovery in Macau, thanks to its focus on the premium mass and luxury markets. The analyst also cited the company’s launch of iGaming/sports betting platform in 10 states.
Argus estimates loss of -$2.70 a share this year for Wynn, compared to prior forecast of -$2.80. Argus boosted outlook on its 2022 profit to $2 a share from $1.85.
Staszak said that Wynn will have adequate cash to operate until the end of 3Q21 even amid modest revenue.