Wynn Resorts (NASDAQ:WYNN) Given New $112.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered its Wynn Resorts price target from $115 to $112 while maintaining an “overweight” rating; the new target implies 34.76% upside from the stock’s current price.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $121.06 average price target, with 18 analysts rating it Buy or Strong Buy and two rating it Hold.
• Wynn missed quarterly expectations, reporting $0.33 EPS versus $0.52 expected and $1.69 billion in revenue versus $1.75 billion expected; revenue declined 7.9% year over year.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $115.00 to $112.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the casino operator's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 34.76% from the stock's current price.

Other equities analysts also recently issued reports about the stock. Wolfe Research started coverage on shares of Wynn Resorts in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $128.00 price target for the company. The Goldman Sachs Group restated a "buy" rating and issued a $93.00 price objective on shares of Wynn Resorts in a report on Friday. Mizuho cut their price objective on Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 28th. Susquehanna reiterated a "positive" rating and set a $95.00 target price on shares of Wynn Resorts in a report on Friday. Finally, Wells Fargo & Company decreased their target price on Wynn Resorts from $125.00 to $122.00 and set an "overweight" rating for the company in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $121.06.

Wynn Resorts Stock Performance

Shares of Wynn Resorts stock opened at $83.11 on Friday. Wynn Resorts has a 12-month low of $70.79 and a 12-month high of $134.72. The company has a market cap of $8.56 billion, a P/E ratio of 24.81, a PEG ratio of 1.02 and a beta of 0.96. The company's fifty day simple moving average is $80.68 and its two-hundred day simple moving average is $97.68.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its earnings results on Thursday, November 5th. The casino operator reported $0.33 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.19). The company had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.75 billion. Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The company's revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.86 earnings per share. Analysts predict that Wynn Resorts will post 4.24 EPS for the current fiscal year.

Institutional Trading of Wynn Resorts

A number of hedge funds and other institutional investors have recently modified their holdings of WYNN. Operose Advisors LLC grew its holdings in shares of Wynn Resorts by 400.0% during the second quarter. Operose Advisors LLC now owns 500 shares of the casino operator's stock valued at $49,000 after buying an additional 400 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Wynn Resorts by 18.5% during the first quarter. Parallel Advisors LLC now owns 756 shares of the casino operator's stock valued at $77,000 after acquiring an additional 118 shares in the last quarter. Optiver Holding B.V. purchased a new position in Wynn Resorts in the 1st quarter worth approximately $90,000. GKV Capital Management Co. Inc. purchased a new position in Wynn Resorts in the 1st quarter worth approximately $102,000. Finally, Allworth Financial LP purchased a new position in Wynn Resorts in the 2nd quarter worth approximately $108,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Company Profile

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities.

The company's portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China.

Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.

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