Wynn Resorts (NASDAQ:WYNN) Earns Outperform Rating from Analysts at Wolfe Research

Key Points

• Wolfe Research initiated coverage of Wynn Resorts with an “outperform” rating and a $128 price target, implying approximately 39.9% upside from the stock’s reported $91.52 price.
• Analyst sentiment is broadly positive: Wynn has an overall “Moderate Buy” consensus rating and an average price target of $133.82, based on one Strong Buy, 17 Buy, and two Hold ratings.
• Wynn exceeded quarterly expectations, reporting $1.24 in earnings per share versus the $0.99 consensus and $1.86 billion in revenue versus $1.83 billion expected; revenue increased 6.9% year over year.

Wolfe Research started coverage on shares of Wynn Resorts (NASDAQ:WYNN - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set an "outperform" rating and a $128.00 price target on the casino operator's stock. Wolfe Research's price target suggests a potential upside of 39.86% from the company's current price.

Several other research firms have also issued reports on WYNN. Citigroup reaffirmed a "buy" rating on shares of Wynn Resorts in a research note on Thursday, August 6th. Truist Financial began coverage on shares of Wynn Resorts in a research report on Wednesday, July 8th. They set a "buy" rating and a $125.00 target price on the stock. Zacks Research upgraded Wynn Resorts from a "strong sell" rating to a "hold" rating in a report on Monday, August 10th. The Goldman Sachs Group set a $120.00 price target on Wynn Resorts in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $137.00 price target on shares of Wynn Resorts in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Wynn Resorts currently has an average rating of "Moderate Buy" and an average target price of $133.82.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $91.52 on Wednesday. The company has a market capitalization of $9.42 billion, a P/E ratio of 22.71, a P/E/G ratio of 1.09 and a beta of 1.00. The stock's 50 day moving average price is $98.24 and its 200 day moving average price is $101.86. Wynn Resorts has a 52 week low of $89.44 and a 52 week high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.25. The firm had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.83 billion. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The company's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.09 earnings per share. As a group, sell-side analysts forecast that Wynn Resorts will post 4.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds have recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new position in shares of Wynn Resorts during the 2nd quarter worth about $25,000. Hantz Financial Services Inc. increased its position in Wynn Resorts by 54.9% in the 4th quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator's stock worth $30,000 after buying an additional 89 shares during the period. SHP Wealth Management bought a new stake in shares of Wynn Resorts in the fourth quarter valued at approximately $32,000. Geneos Wealth Management Inc. boosted its position in shares of Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after acquiring an additional 156 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Wynn Resorts in the fourth quarter worth $34,000. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Company Profile

Wynn Resorts, Limited NASDAQ: WYNN is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.

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