Wynn Resorts (NASDAQ:WYNN) Given New $103.00 Price Target at Citigroup

Key Points

• Citigroup lowered Wynn Resorts’ price target from $135 to $103 while maintaining a “Buy” rating, implying approximately 37% upside from the prior close.
• Despite the reduction, analyst sentiment remains positive: Wynn has a consensus “Moderate Buy” rating and an average price target of $131.18.
• Wynn shares fell 0.3% to $74.96, near their 12-month low, while the company’s latest quarterly results beat expectations with $1.24 in EPS and $1.86 billion in revenue.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its target price dropped by analysts at Citigroup from $135.00 to $103.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the casino operator's stock. Citigroup's target price points to a potential upside of 37.41% from the stock's previous close.

Several other equities research analysts have also recently weighed in on the stock. Zacks Research raised shares of Wynn Resorts from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Barclays reduced their price objective on shares of Wynn Resorts from $136.00 to $128.00 and set an "overweight" rating on the stock in a research note on Friday. UBS Group decreased their target price on shares of Wynn Resorts from $145.00 to $138.00 and set a "buy" rating on the stock in a report on Friday, September 11th. JPMorgan Chase & Co. dropped their target price on shares of Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Finally, Argus boosted their target price on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $131.18.

Wynn Resorts Trading Down 0.3%

NASDAQ WYNN traded down $0.19 during midday trading on Monday, hitting $74.96. The company had a trading volume of 2,027,265 shares, compared to its average volume of 1,667,736. The company has a market capitalization of $7.72 billion, a PE ratio of 18.60, a P/E/G ratio of 0.90 and a beta of 0.96. The firm has a 50-day moving average price of $90.27 and a 200-day moving average price of $97.47. Wynn Resorts has a twelve month low of $73.07 and a twelve month high of $134.72.

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

Institutional Trading of Wynn Resorts

Several large investors have recently bought and sold shares of the business. SHP Wealth Management acquired a new stake in Wynn Resorts during the 4th quarter worth approximately $32,000. Operose Advisors LLC grew its holdings in Wynn Resorts by 400.0% during the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator's stock worth $49,000 after acquiring an additional 400 shares during the last quarter. Parallel Advisors LLC increased its position in Wynn Resorts by 18.5% in the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator's stock valued at $77,000 after acquiring an additional 118 shares during the period. Optiver Holding B.V. acquired a new position in Wynn Resorts in the 1st quarter valued at approximately $90,000. Finally, GKV Capital Management Co. Inc. acquired a new position in Wynn Resorts in the 1st quarter valued at approximately $102,000. 88.64% of the stock is owned by institutional investors and hedge funds.

About Wynn Resorts

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts that combine casino gaming, hotel accommodations, fine dining, entertainment, retail, and convention facilities. Its properties are designed to serve leisure travelers, convention visitors, and gaming customers.

The company operates Wynn and Encore resorts in Las Vegas, Nevada; Wynn Macau and Wynn Palace in Macau; and Encore Boston Harbor in Everett, Massachusetts. These properties offer casino floors, guest rooms and suites, restaurants, spas, theaters and other amenities, with operations serving customers from the United States, China and international markets.

Wynn Resorts was founded in 2002 by Steve Wynn, who previously helped develop major casino resorts in Las Vegas and Macau.

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