2 Casino Stocks Enjoying Tailwinds After Upgrade

Wells Fargo is bullish on WYNN as China looks to reopen its economy

Digital Content Manager
Jan 3, 2023 at 10:12 AM
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Wells Fargo upgraded Wynn Resorts, Limited (NASDAQ:WYNN) to "overweight" from "equal weight" earlier, and hiked its price target to $101 from $74. The firm said China's economic reopening following strict Covid-19 restrictions could boost the equity, which was last seen up 3.5% at $85.37. Las Vegas Sands Corp. (NYSE:LVS) is also seeing tailwinds as investors become optimistic on casino stocks with Macau locations, up 3% at $49.50 at last check.

Options Affordably Priced for WYNN

Prior to today's pop, the $80 area swooped in as a floor to contain the shares' early December pullback from the $89 region -- their highest level since March. The equity has added 41.7% in the last six moths, with support from the 40-day moving average emerging in November.

It's worth noting WYNN boasts attractively priced at the moment. This is per the stock's Schaeffer's Volatility Index (SVI) of 44%, which sits in the low 9th percentile of readings from the last 12 months.

LVS Ripe for Short Squeeze

Meanwhile, LVS is fresh off a Dec. 8, one-year high of $49.73. The $46 region has been supporting the shares for the last month, while its 30-day moving average has contained several pullbacks since November. In the last six months, the security has added 38.6%.

A short squeeze could provide additional tailwinds for Las Vegas Sands stock. Short interest is up 11.3% in the last two reporting periods, and the 18.27 million shares sold short make up 5.4% of LVS' available float.

 

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