JPMorgan Chase & Co. Issues Positive Forecast for Wynn Resorts (NASDAQ:WYNN) Stock Price

Key Points

• JPMorgan Chase & Co. has raised its price target for Wynn Resorts from $123 to $136, indicating a potential upside of 15.19% from the current trading price.
• Multiple research firms have upgraded their ratings for Wynn Resorts, with the average consensus target price now set at $129.64 and a majority of analysts rating the stock as a "Buy".
• Wynn Resorts reported a missed earnings estimate with EPS of $1.09 for the latest quarter, falling short of the expected $1.20, while revenue met analysts' expectations at $1.74 billion.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $123.00 to $136.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the casino operator's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 15.19% from the stock's current price.

Several other research firms have also commented on WYNN. Macquarie lifted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an "outperform" rating in a report on Friday, August 8th. UBS Group raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and boosted their target price for the company from $101.00 to $147.00 in a research note on Thursday, August 28th. Jefferies Financial Group boosted their target price on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Monday, August 11th. The Goldman Sachs Group boosted their price target on shares of Wynn Resorts from $124.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Finally, Mizuho boosted their target price on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a report on Monday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $129.64.

Wynn Resorts Price Performance

Wynn Resorts stock opened at $118.07 on Thursday. Wynn Resorts has a 12-month low of $65.25 and a 12-month high of $134.23. The company has a market capitalization of $12.28 billion, a price-to-earnings ratio of 35.46, a price-to-earnings-growth ratio of 6.00 and a beta of 1.31. The firm's fifty day moving average price is $120.83 and its 200 day moving average price is $101.42.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.11). The firm had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The business's quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.12 EPS. Analysts forecast that Wynn Resorts will post 5.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Patricia Mulroy sold 4,438 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the transaction, the director directly owned 3,066 shares in the company, valued at approximately $383,250. The trade was a 59.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds have recently made changes to their positions in the business. Private Wealth Partners LLC grew its holdings in shares of Wynn Resorts by 3.1% during the second quarter. Private Wealth Partners LLC now owns 3,360 shares of the casino operator's stock worth $315,000 after purchasing an additional 100 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Wynn Resorts by 1.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,356 shares of the casino operator's stock worth $1,167,000 after purchasing an additional 127 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Wynn Resorts by 1.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 7,057 shares of the casino operator's stock worth $589,000 after purchasing an additional 132 shares in the last quarter. Navalign LLC boosted its stake in Wynn Resorts by 1.8% in the first quarter. Navalign LLC now owns 8,252 shares of the casino operator's stock worth $689,000 after buying an additional 144 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Wynn Resorts by 30.9% in the second quarter. First Horizon Advisors Inc. now owns 640 shares of the casino operator's stock worth $60,000 after buying an additional 151 shares in the last quarter. 88.64% of the stock is currently owned by institutional investors.

About Wynn Resorts

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.

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