Deutsche Bank Raises Price Target on Wynn (WYNN), Expects Q4 In-Line

January 10, 2013 7:57 AM EST Send to a Friend
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Price: $184.72 +0.67%

Rating Summary:
    21 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Deutsche Bank today maintained a Buy rating on Wynn Resorts (NASDAQ: WYNN) and raised its price target of $144.00 (from $135.00). Analysts said Q4 results appear to be in-line relative to consensus.

"Based on our new property level and total EBITDA estimates, which we note are largely unchanged, we expect Macau property level EBITDA of $287 mm (vs. consensus of $289 mm) and Wynn LV property level EBITDA of $94 mm (vs. consensus of $97 mm)," said analyst Carlo Santarelli.

The price target increase reflects a higher than previously used Wynn Macau target multiple (12.5x from 11.5x).

"We note that our 2013 Wynn Macau forecast is predicated on market growth assumptions of 4.1% for the VIP segment & 15.2% for the mass segment, with Wynn Macau market share of 11.2%, down 50 bps from our 11.7% expectation for 2012," added Santarelli.

For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.

Shares of Wynn Resorts closed at $121.52 yesterday.


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