Wynn Resorts (NASDAQ:WYNN) Given New $140.00 Price Target at Bank of America

Key Points

• Bank of America cut its price target on Wynn Resorts from $150 to $140 but kept a buy rating, implying about 36.69% upside from the current price.
• Other analysts have also trimmed targets recently, with the consensus view still at Moderate Buy and an average price target of $140.27.
• Wynn Resorts reported better-than-expected quarterly results, posting $1.25 EPS on $1.86 billion in revenue, both above analyst estimates, while revenue rose 9.2% year over year.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price objective decreased by research analysts at Bank of America from $150.00 to $140.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the casino operator's stock. Bank of America's target price points to a potential upside of 36.69% from the company's current price.

WYNN has been the topic of several other reports. Stifel Nicolaus reduced their price objective on Wynn Resorts from $160.00 to $150.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. Citigroup reduced their price objective on Wynn Resorts from $145.00 to $132.00 and set a "buy" rating on the stock in a research note on Friday. Susquehanna reduced their price objective on Wynn Resorts from $133.00 to $127.00 and set a "positive" rating on the stock in a research note on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on Wynn Resorts from $140.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, Wells Fargo & Company set a $142.00 price objective on Wynn Resorts and gave the company an "overweight" rating in a research note on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $140.27.

Wynn Resorts Stock Performance

WYNN opened at $102.42 on Monday. The firm has a market cap of $10.66 billion, a P/E ratio of 30.57, a price-to-earnings-growth ratio of 5.71 and a beta of 1.01. Wynn Resorts has a 52-week low of $82.63 and a 52-week high of $134.72. The business's fifty day moving average is $103.76 and its 200-day moving average is $114.38.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.07. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. Wynn Resorts had a negative return on equity of 42.03% and a net margin of 5.14%.Wynn Resorts's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.07 EPS. On average, research analysts predict that Wynn Resorts will post 4.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wynn Resorts

Several large investors have recently bought and sold shares of the company. Pacific Heights Asset Management LLC raised its position in shares of Wynn Resorts by 30.4% during the third quarter. Pacific Heights Asset Management LLC now owns 150,000 shares of the casino operator's stock worth $19,240,000 after acquiring an additional 35,000 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Wynn Resorts by 19.1% during the third quarter. Thrivent Financial for Lutherans now owns 891,661 shares of the casino operator's stock worth $114,374,000 after acquiring an additional 142,892 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in shares of Wynn Resorts during the third quarter worth about $51,163,000. Capital Advisors Ltd. LLC raised its position in shares of Wynn Resorts by 433,217.6% during the fourth quarter. Capital Advisors Ltd. LLC now owns 73,664 shares of the casino operator's stock worth $8,864,000 after acquiring an additional 73,647 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Wynn Resorts during the third quarter worth about $1,347,000. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Company Profile

Wynn Resorts, Limited NASDAQ: WYNN is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.

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