Truist Securities Daily Spotlight

Research evidence excerpt

Truist Securities Daily Spotlight

build across five segments, supplemented by top-down cross-

references against corporate and industry data. Our analysis

included UN, World Bank, and IMF global population and GDP

data by country, ILO global employment data, Ramp AI spend

data, and companies' financials and forecasts. Additionally, we

discuss the implications of rising policy risk with AI advances,

pushback against token costs, and heightened competition for the

neoclouds. - Arvind Ramnani

Other Focus Items Today

Consumer

Wynn Resorts, Limited (WYNN, $96.35, Buy) - Wynn-dow

to U.A.E. …. Initiating Coverage with a Buy Rating and $125

PT - We initiate coverage of Wynn Resorts (WYNN) with a Buy

rating and $125 PT on ~12x our 2027E EBITDAR. WYNN is a

luxury casino operator in Macau, Las Vegas, Boston, London

and soon to be UAE with a 40% owned JV. We think WYNN is

well positioned at the sweet spot of gaming with its best in class

properties, higher end customer demographic and visible growth

pipeline. We’re most excited by WYNN’s upcoming UAE property,

where eventual calm in the Middle East and meaningful first

movers advantage could lead to a dominant market position for

years to come. - Barry Jonas

Recreational Vehicles - LCII and PATK Model Updates - We are

updating our estimates for LCI (LCII, Hold) and Patrick (PATK,

Buy). Our LCII price target goes to $114 from $135 and PATK to

$113 from $126. We are adjusting our PTs/estimates partly on

weaker-than-expected RV trends YTD and initial stock impact

from the latest merger news. We remain more favorable to PATK

especially for longer-duration holders that can take advantage

of a valuation discount. That said, the stock may remain volatile

near-term given current end market fundamentals (interest rates,