Genting outlook boosts bets against gaming firm
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ANALYSTS are the least optimistic about Genting Singapore plc in a year as slumping casino revenue from high-rollers curbs earnings prospects for the second-worst performing stock on the city's benchmark gauge.
The difference between Genting's share price and analysts' predictions for where it will be in 12 months narrowed on Wednesday to the least since December 2013, according to data compiled by Bloomberg. Twelve-month average price targets dropped to S$1.24 from S$1.55 a year ago, compared with a closing price of S$1.155 on Wednesday. While more than half of analysts still have buy ratings, at least nine of the 21 covering the stock cut forecasts after the casino operator this month reported a 50 per cent plunge in quarterly profit.
