Wynn Resorts (NASDAQ:WYNN) Stock Gets Price Target Reduction from Wells Fargo & Company

Key Points

• Wells Fargo lowered its Wynn Resorts price target from $125 to $122 but maintained an “overweight” rating; the new target implies about 53.8% upside from the prior close.
• Wynn’s third-quarter results fell short of expectations: revenue was $1.69 billion, down 7.9% year over year, and EPS of $0.33 missed the $0.52 consensus.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $124.18.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price target reduced by equities researchers at Wells Fargo & Company from $125.00 to $122.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the casino operator's stock. Wells Fargo & Company's target price indicates a potential upside of 53.81% from the company's previous close.

Several other equities analysts have also weighed in on WYNN. Zacks Research raised shares of Wynn Resorts from a "strong sell" rating to a "hold" rating in a report on Monday, August 10th. JPMorgan Chase & Co. dropped their price target on shares of Wynn Resorts from $134.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 20th. Mizuho cut their price objective on shares of Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, July 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Wynn Resorts in a research report on Monday, September 21st. Finally, UBS Group set a $120.00 target price on shares of Wynn Resorts in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $124.18.

Wynn Resorts Stock Down 3.7%

Wynn Resorts stock opened at $79.32 on Friday. The business's 50-day moving average price is $80.89 and its 200 day moving average price is $97.82. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 1.00 and a beta of 0.96. Wynn Resorts has a 52 week low of $70.79 and a 52 week high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The casino operator reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.19). Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The company's revenue was down 7.9% compared to the same quarter last year. Equities analysts expect that Wynn Resorts will post 4.26 EPS for the current year.

Institutional Investors Weigh In On Wynn Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in WYNN. BlackRock Inc. purchased a new position in Wynn Resorts in the 2nd quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Wynn Resorts during the 2nd quarter worth approximately $321,402,000. State Street Corp grew its position in shares of Wynn Resorts by 2.6% in the second quarter. State Street Corp now owns 3,047,930 shares of the casino operator's stock valued at $295,924,000 after purchasing an additional 77,416 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Wynn Resorts by 17.4% in the first quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator's stock valued at $125,918,000 after purchasing an additional 184,000 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Wynn Resorts in the second quarter valued at approximately $99,277,000. Hedge funds and other institutional investors own 88.64% of the company's stock.

Key Stories Impacting Wynn Resorts

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: Wynn declared a quarterly dividend of $0.25 per share, payable November 30 to shareholders of record November 16. The annualized payout is $1.00 per share, equivalent to a 1.3% yield. Wynn Resorts Declares Quarterly Cash Dividend
• Neutral Sentiment: The company said its Al Marjan Island resort remains on track for a September 2027 opening, although it estimates $465 million to $590 million in remaining equity contributions. The timeline is encouraging, but the additional funding requirement is worth monitoring. Wynn outlines remaining Al Marjan equity needs
• Negative Sentiment: Third-quarter revenue declined 7.9% year over year to $1.69 billion, below the $1.75 billion consensus. Adjusted earnings were $0.33 per share, missing estimates and down from $0.86 a year earlier. The earnings and sales shortfalls are the clearest near-term headwinds for WYNN. Wynn Resorts reports third-quarter results
• Negative Sentiment: Wynn Macau’s third-quarter operating revenue fell 8.2% to $919 million, with VIP-market headwinds weighing on results. This reinforces concerns about weakness in a key operating market. Wynn Macau revenue declines amid VIP headwinds

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.