Wynn Resorts (WYNN) PT Lowered to $113 at Stifel

Stifel analyst Steven Wieczynski lowered the price target on Wynn Resorts (NASDAQ: WYNN) to $113.00 (from $128.00) while maintaining a Buy rating.

The analyst commented, "Just like last quarter, the good news is Vegas/Boston trends continue to be solid, and it seems demand/ spend levels have remained elevated/healthy through April. The bad news is Macau is still a mess due to a number of macro/geopolitical/government headwinds with no end in sight. While the Macau waiting game continues to be painful, we continue to have faith that once the China macro backdrop improves, spend levels will return to normal very quickly (just look at the strong visitation stats). We have now embedded a moderate recession for WYNN’s U.S. operations while sharply lowering our Macau expectations to be as conservative as possible. We continue to believe shares are trading at an unrealistic discounted multiple with very little credit/value being ascribed to WYNN’s Macau operating assets, and we believe WYNN’s management feels the same given their accelerated share repurchases at current levels. Our price target moves lower to $113."

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