Wynn Resorts (NASDAQ:WYNN) Price Target Lowered to $141.00 at Wells Fargo & Company

Key Points

• Wells Fargo lowered Wynn Resorts’ price target from $142 to $141 while keeping an overweight rating, implying about 45% upside from the stock’s current price.
• Other analysts have also recently trimmed targets, with ratings still mostly positive overall; MarketBeat reports a Moderate Buy consensus and an average price target of $138.69.
• Wynn Resorts last reported quarterly results that beat expectations, posting $1.25 EPS versus $1.18 expected and revenue of $1.86 billion, up 9.2% year over year.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price target reduced by equities research analysts at Wells Fargo & Company from $142.00 to $141.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the casino operator's stock. Wells Fargo & Company's target price would indicate a potential upside of 45.17% from the company's current price.

A number of other brokerages also recently weighed in on WYNN. Barclays reduced their target price on Wynn Resorts from $139.00 to $134.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Wynn Resorts in a research note on Wednesday, June 24th. Morgan Stanley decreased their target price on Wynn Resorts from $136.00 to $133.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Citigroup lowered their target price on Wynn Resorts from $145.00 to $132.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Zacks Research downgraded shares of Wynn Resorts from a "hold" rating to a "strong sell" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Wynn Resorts has a consensus rating of "Moderate Buy" and a consensus price target of $138.69.

Wynn Resorts Price Performance

Wynn Resorts stock opened at $97.13 on Tuesday. The stock's fifty day moving average price is $101.03 and its two-hundred day moving average price is $106.50. The firm has a market cap of $10.08 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 0.93 and a beta of 0.99. Wynn Resorts has a one year low of $93.15 and a one year high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.07. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. The business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.82 billion. During the same quarter in the prior year, the business posted $1.07 earnings per share. Wynn Resorts's revenue was up 9.2% compared to the same quarter last year. Sell-side analysts expect that Wynn Resorts will post 4.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds have recently made changes to their positions in the stock. Capital Advisors Ltd. LLC grew its stake in Wynn Resorts by 433,217.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 73,664 shares of the casino operator's stock valued at $8,864,000 after acquiring an additional 73,647 shares during the period. Westend Capital Management LLC acquired a new position in shares of Wynn Resorts during the fourth quarter worth approximately $12,084,000. Pacer Advisors Inc. raised its position in shares of Wynn Resorts by 97.5% during the fourth quarter. Pacer Advisors Inc. now owns 22,415 shares of the casino operator's stock worth $2,697,000 after purchasing an additional 11,067 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Wynn Resorts by 224.1% in the 4th quarter. SG Americas Securities LLC now owns 82,859 shares of the casino operator's stock worth $9,970,000 after purchasing an additional 57,293 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Wynn Resorts by 46.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 770,178 shares of the casino operator's stock valued at $92,676,000 after purchasing an additional 243,179 shares during the period. 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.

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.