Wynn Resorts (NASDAQ:WYNN) Given New $115.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Wynn Resorts’ price target from $134 to $115 while maintaining an “overweight” rating, implying approximately 49.5% upside from the prior close.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $124.88 from 20 analysts.
• Wynn shares rose 1.2% to $76.93, near their 52-week low, while the company’s latest quarterly results exceeded expectations with EPS of $1.24 versus a $0.99 consensus estimate.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $134.00 to $115.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the casino operator's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 49.49% from the company's previous close.

Several other research firms also recently weighed in on WYNN. The Goldman Sachs Group set a $102.00 target price on Wynn Resorts in a research report on Tuesday, October 13th. Wells Fargo & Company decreased their target price on Wynn Resorts from $131.00 to $125.00 and set an "overweight" rating for the company in a report on Monday. Wolfe Research initiated coverage on Wynn Resorts in a report on Wednesday, September 2nd. They set an "outperform" rating and a $128.00 price target on the stock. Zacks Research raised Wynn Resorts from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Finally, Stifel Nicolaus lowered their price objective on Wynn Resorts from $143.00 to $120.00 and set a "buy" rating for the company in a research report on Tuesday. 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, the company presently has an average rating of "Moderate Buy" and an average target price of $124.88.

Wynn Resorts Stock Up 1.2%

Shares of WYNN stock traded up $0.95 during trading hours on Tuesday, hitting $76.93. 1,287,115 shares of the company's stock were exchanged, compared to its average volume of 1,669,068. The firm has a market cap of $7.92 billion, a P/E ratio of 19.09, a P/E/G ratio of 0.91 and a beta of 0.96. The firm has a 50 day moving average of $87.26 and a two-hundred day moving average of $96.44. Wynn Resorts has a fifty-two week low of $73.07 and a fifty-two week high of $134.72.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Wynn Resorts during the 2nd quarter valued at $609,566,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Wynn Resorts during the 2nd quarter worth about $321,402,000. Alyeska Investment Group L.P. purchased a new stake in Wynn Resorts during the second quarter worth approximately $99,277,000. Bank of America Corp DE acquired a new stake in Wynn Resorts in the 2nd quarter valued at $74,504,000. Finally, Bamco Inc. NY acquired a new position in Wynn Resorts during the 2nd quarter worth approximately $67,219,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

About Wynn Resorts

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts, with a focus on destination casinos, hotels, restaurants, entertainment venues, retail, and convention facilities. Its properties are designed to combine gaming with premium hospitality and leisure experiences.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. These resorts serve visitors in the United States and international markets, offering accommodations, casino gaming, dining, nightlife, retail, spas, entertainment, and meeting and convention services.

Wynn Resorts was founded in 2002 by casino executive Steve Wynn.

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