Casino stocks open firmer on analyst comments. Morgan Stanley says Las Vegas Sands (LVS) is a buying opportunity after recent declines. Shares have fallen 18% from Dec. 1 through December 15 Meanwhile, Wynn Resorts (WYNN) is higher on an upgrade to "overweight" from "neutral" at JP Morgan.
Shares of Las Vegas Sands climbed on Goldman Sachs analyst maintaining a buy rating on LVS due to the company's continued focus on cost cutting and debt reduction.
LVS posted 3Q results lower than Wall Street targets, due to high winnings by gamblers and costs of opening new properties. Shares dropped nearly 15%.
A Morgan Stanley analyst revised his Macau gaming revenue projections from 75% to 35%, causing a selloff in shares of both LVS and WYNN .
Beginning with Las Vegas revenue numbers for July and a price target increase from a JP Morgan analyst , shares of LVS broke out of their previous range. Several analysts raised their targets in the following few days .