Investor Sentiment on Gaming Stock to Remain Negative Despite Share Price Weakness, BofA Says

MT Newswires Live10-19 23:36

Investor sentiment and positioning on gaming stocks, including Las Vegas Sands (LVS), Wynn Resorts (WYNN), and MGM Resorts International (MGM), are set to remain negative even with the current share price weakness, BofA Securities said in a Monday note.

BofA analysts' Q3 estimates on Regionals are in line with consensus, although quarterly gaming gross revenue is coming in lower than expected, according to the note.

Fundamental trends in primary gaming locations Macau and Las Vegas are "particularly weak," and the analysts said they are below consensus on both.

Meanwhile, on the online sports betting front, the analysts said they expect a slight Q3 miss for DraftKings (DKNG) and a Q3 beat for Flutter Entertainment's (FLUT) FanDuel. The FanDuel beat will be driven by less prediction market investment and better market-making contributions, the analysts added.

However, Flutter is expected to face some global headwinds in Q4, including outcomes in the Champions League and its shutdown in Brazil, the analysts said.

BofA reduced the stock target of Las Vegas Sands to $50 from $60; Wynn Resorts to $125 from $140, and MGM Resorts to $35 from $40.

The brokerage maintained the stock ratings of Las Vegas Sands and MGM Resorts at neutral and Wynn Resorts at buy.

Price: 37.85, Change: -0.16, Percent Change: -0.43

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