Wynn Resorts (WYNN) PT, Estimates Slashed at Credit Suisse

Credit Suisse analyst Joel Simkins lowered his price target on Neutral-rated Wynn Resorts (NASDAQ: WYNN) to $76.00 (from $105.00) following results after the close.

Simkins notes the near term outlook remains challenging for both its Macau and Las Vegas operations. The opening of Wynn Palace offers hope but may not be enough offset top line weakness, the analyst said.

"With Wynn Palace scheduled to open March 25, 2016, we believe this could help WYNN balance its cost structure to support a change in market dynamics, however it will not be sufficient to offset top line weakness," he said. "Until there is a clearer picture on the environment going forward, we believe results will continue to be choppy."

The firm cut FY 2015 EPS from $3.58 to $2.91, FY 2016 EPS from $6.11 to $4.85 and FY 2017 EPS from $7.20 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 $73.76 yesterday.

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