Wynn Resorts (NASDAQ:WYNN) Price Target Raised to $128.00 at Morgan Stanley

Key Points

• Morgan Stanley has raised the price target for Wynn Resorts from $113.00 to $128.00, maintaining an "overweight" rating which suggests a potential upside of 4.15% from the current price.
• The stock currently holds a consensus rating of "Moderate Buy" from fourteen analysts, with a consensus price target of $124.47.
• Wynn Resorts recently reported earnings that missed analysts' expectations, with earnings per share of $1.09 against a consensus estimate of $1.20.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its target price upped by equities researchers at Morgan Stanley from $113.00 to $128.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the casino operator's stock. Morgan Stanley's price objective would suggest a potential upside of 4.15% from the company's current price.

A number of other research analysts have also commented on WYNN. The Goldman Sachs Group initiated coverage on Wynn Resorts in a report on Monday, July 7th. They issued a "buy" rating and a $122.00 price objective on the stock. Mizuho upped their price objective on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research report on Monday, August 11th. Citigroup restated a "neutral" rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Argus upgraded Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. assumed coverage on Wynn Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $109.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.47.

Wynn Resorts Trading Up 1.2%

WYNN stock opened at $122.90 on Thursday. The firm has a market capitalization of $12.78 billion, a PE ratio of 36.91, a PEG ratio of 6.25 and a beta of 1.37. Wynn Resorts has a 1-year low of $65.25 and a 1-year high of $128.53. The business's 50 day simple moving average is $112.96 and its 200 day simple moving average is $94.93.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.12 earnings per share. As a group, sell-side analysts predict that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the sale, the director owned 3,066 shares of the company's stock, valued at approximately $383,250. This trade represents a 59.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.52% of the company's stock.

Institutional Investors Weigh In On Wynn Resorts

A number of hedge funds have recently added to or reduced their stakes in the company. Private Wealth Partners LLC grew its stake in Wynn Resorts by 3.1% in the second quarter. Private Wealth Partners LLC now owns 3,360 shares of the casino operator's stock valued at $315,000 after acquiring an additional 100 shares during the period. DekaBank Deutsche Girozentrale boosted its position 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 valued at $1,167,000 after buying an additional 127 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position 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 valued at $589,000 after buying an additional 132 shares during the last quarter. Snowden Capital Advisors LLC boosted its position in shares of Wynn Resorts by 5.6% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,589 shares of the casino operator's stock valued at $223,000 after buying an additional 138 shares during the last quarter. Finally, Navalign LLC boosted its position in shares of Wynn Resorts by 1.8% during the first quarter. Navalign LLC now owns 8,252 shares of the casino operator's stock valued at $689,000 after buying an additional 144 shares during the last quarter. Institutional investors and hedge funds own 88.64% of the company's stock.

Wynn Resorts Company Profile

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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