Wynn Resorts (NASDAQ:WYNN) Price Target Cut to $134.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its price target on Wynn Resorts from $135 to $134 while keeping an overweight rating, implying about 39.7% upside from the prior close.
• Analyst sentiment remains broadly positive overall, with MarketBeat showing a Moderate Buy consensus and an average target price of $138.62, even though a few firms recently lowered targets or downgraded the stock.
• Wynn Resorts recently reported quarterly results that beat expectations, posting $1.25 EPS versus $1.18 expected and $1.86 billion in revenue versus $1.82 billion expected, with revenue up 9.2% year over year.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $135.00 to $134.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the casino operator's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 39.73% from the company's previous close.

Several other research firms also recently commented on WYNN. Zacks Research downgraded shares of Wynn Resorts from a "hold" rating to a "strong sell" rating in a research note on Friday, July 10th. Susquehanna reduced their price objective on Wynn Resorts from $133.00 to $127.00 and set a "positive" rating for the company in a research note on Thursday, April 16th. Truist Financial began coverage on Wynn Resorts in a report on Wednesday, July 8th. They set a "buy" rating and a $125.00 target price for the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $137.00 target price on shares of Wynn Resorts in a research report on Friday, May 8th. Finally, Citigroup decreased their price objective on shares of Wynn Resorts from $145.00 to $132.00 and set a "buy" rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Wynn Resorts currently has an average rating of "Moderate Buy" and a consensus target price of $138.62.

Wynn Resorts Stock Performance

Shares of WYNN stock opened at $95.90 on Wednesday. Wynn Resorts has a fifty-two week low of $93.15 and a fifty-two week high of $134.72. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 28.63, a PEG ratio of 0.91 and a beta of 0.99. The stock's 50-day simple moving average is $100.82 and its 200-day simple moving average is $106.30.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, May 7th. The casino operator reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.07. The company had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. Wynn Resorts's revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. As a group, equities analysts forecast that Wynn Resorts will post 4.61 earnings per share for the current year.

Institutional Trading of Wynn Resorts

A number of institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Wynn Resorts by 10.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator's stock worth $665,000 after buying an additional 754 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Wynn Resorts by 36.2% during the 1st quarter. Woodline Partners LP now owns 7,568 shares of the casino operator's stock worth $632,000 after acquiring an additional 2,012 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after purchasing an additional 156 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Wynn Resorts by 13.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator's stock valued at $155,000 after purchasing an additional 201 shares during the last quarter. Finally, Guggenheim Capital LLC raised its position in shares of Wynn Resorts by 9.5% during the 2nd quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator's stock valued at $937,000 after buying an additional 868 shares during the period. 88.64% of the stock is owned by institutional investors and hedge funds.

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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