KeyBanc Maintains a 'Buy' on Wynn Resorts (WYNN); Recent Weakness Creates Opportunity, But Estimates Coming Down

June 18, 2012 3:01 PM EDT Send to a Friend
Get Alerts WYNN Hot Sheet
Price: $219.39 +3.99%

Rating Summary:
    21 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 27 | New: 8
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KeyBanc maintains a 'Buy' on Wynn Resorts (NASDAQ: WYNN) price target of $150.00 (from $175.00).

Analyst, Dennis I. Forst, said, "We are lowering our estimates and price target for Wynn Resorts to account for slower than expected growth (particularly in the VIP market) in Macau and market share loss to new properties on the Cotai strip during 2Q12. We expect the Macau gaming market to grow 16% year-over-year and 2.4% sequentially during 2Q12. While this alone is not bad for WYNN, its market share likely slipped to about 12% in 2Q12, down from 14.8% in 2Q11."

Q2 EPS estimate cut from $1.59 to $1.51, FY12 cut from $5.94 to $5.89 and FY13 from $7.18 to $7.05.

Forst thinks that the 20% loss quarter-to-date is an opportunity to add or initiate a position. WYNN is still a good quality growth name with a healthy dividend.

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 $99.53 yesterday.




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