No sooner had preliminary discussions been confirmed by Wynn Resorts than the offer was pulled. Deutsche Bank does not believe that Wynn Resorts will walk away from its Crown Resorts bid indefinitely. The broker remains of a view that Crown is in play with its major shareholder willing at an appropriate price.
The broker still considers the offer from Wynn Resorts was opportunistic. Hold rating and $14.75 target maintained.
Sector: Consumer Services.
Target price is $14.75.Current Price is $12.94. Difference: $1.81 – (brackets indicate current price is over target). If CWN meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
