Wynn Resorts (WYNN) PT Lowered to $123 at Stifel; Stock Highlighted as One of Top 4 Ideas for 2025

Stifel analyst Steven Wieczynski lowered the price target on Wynn Resorts (NASDAQ: WYNN) to $123.00 (from $127.00) while maintaining a Buy rating.

The analyst said: "Our top four ideas (> $2B market cap) for 2025 are WYNN, NCLH, IGT, and FUN.

Starting with the gaming side of our coverage, we are establishing WYNN as our top large-cap casino operator pick for 2025 with a $123 price target (~46% upside) based on our 2026 EBITDA estimate. WYNN was also one of our top picks for 2024, though Macau-centric stocks underperformed last year as recovery of base mass gaming revenues and overall visitation lagged expectations due to a combination of macroeconomic pressure and challenged accessibility. Geopolitical tensions also contributed to depressed investor sentiment, as uncertainty around the outcome of the U.S. Presidential election and implications for relations with China re-surfaced difficult-to-handicap left-tail risks. While many of these fears persist, we think they are more than priced in at this point, especially with WYNN shares off ~10% in the last month and ~21% from 2024 highs.

Our $123 target price is based off of our 2026 sum-of-the-parts valuation discounted back to today's dollars. Risks to our WYNN target price include exposure to high-end gaming, political risks in Macau, high construction costs, and slowing discretionary spending."

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