Wells Fargo Upgrades Wynn Resorts (WYNN) to Outperform
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Price: $143.11 +1.50%
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Trade WYNN Now!
Wells Fargo upgraded Wynn Resorts (NASDAQ: WYNN) from Market Perform to Outperform and raised its valuation range from $97-$115 to $140-$160.
The firm comments, "Following our non-consensus and cautious call on the Macau gaming market and WYNN last year, we are turning bullish on the market in 2013 and beyond. We believe WYNN is one of the best companies in our space, and is likely to outperform over the next twelve months based on: (1) our bullish view on Macau in 2013 and the medium term, (2) 2013 estimates are achievable, with WYNN expected to participate in the recovery of the VIP market this year, (3) very low expectations and sentiment, (4) supportive Las Vegas trends, with 2013 expected to be strong for WYNN, (5) potential recovery in Macau market share as competitors take a stricter interpretation of the smoking ban, (6) excellent assets and strong medium-term growth potential, and (7) strong dividend growth, with potential annual dividends of $11/share by 2017. While WYNN’s near-term earnings growth in Macau has clearly flattened out, this is well known and we believe WYNN’s stock is increasingly appealing to income and/or medium-term oriented investors with very strong cash generation and a strong medium-term growth pipeline. We are increasing our 2013 EPS estimates from $5.49 to $5.61."
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 $123.46 yesterday, with a 52 week range of $90.11-$138.28.
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The firm comments, "Following our non-consensus and cautious call on the Macau gaming market and WYNN last year, we are turning bullish on the market in 2013 and beyond. We believe WYNN is one of the best companies in our space, and is likely to outperform over the next twelve months based on: (1) our bullish view on Macau in 2013 and the medium term, (2) 2013 estimates are achievable, with WYNN expected to participate in the recovery of the VIP market this year, (3) very low expectations and sentiment, (4) supportive Las Vegas trends, with 2013 expected to be strong for WYNN, (5) potential recovery in Macau market share as competitors take a stricter interpretation of the smoking ban, (6) excellent assets and strong medium-term growth potential, and (7) strong dividend growth, with potential annual dividends of $11/share by 2017. While WYNN’s near-term earnings growth in Macau has clearly flattened out, this is well known and we believe WYNN’s stock is increasingly appealing to income and/or medium-term oriented investors with very strong cash generation and a strong medium-term growth pipeline. We are increasing our 2013 EPS estimates from $5.49 to $5.61."
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 $123.46 yesterday, with a 52 week range of $90.11-$138.28.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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