Nomura Securities Maintains a 'Buy' on Wynn Resorts (WYNN); Cutting Price Target - Using More Conservative Macau Multiple
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Price: $102.53 +0.16%
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Wynn Resorts (NASDAQ: WYNN) price target cut from $175 to $144.
Nomura analyst, Harry Curtis, said, "To be consistent with our valuation methodology for MGM (NYSE: MGM) and Las Vegas Sands (NYSE: LVS), we are lowering WYNN’s Macau multiple to 12x from 15x, which is roughly at the midpoint between where Sands China and Wynn Macau are trading. There are no changes to our EBITDA estimates. This results in our WYNN target price declining by 18% to $144, from $175. Our point in contracting the target multiple is to show that there is still substantial upside potential in WYNN’s stock using a multiple that is more conservative. Our positive outlook for Macau is based on 8% GDP growth in China, competitive returns from junket operators, which support market liquidity, and a deep pool of junket customers."
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 $107.85 yesterday.
Nomura analyst, Harry Curtis, said, "To be consistent with our valuation methodology for MGM (NYSE: MGM) and Las Vegas Sands (NYSE: LVS), we are lowering WYNN’s Macau multiple to 12x from 15x, which is roughly at the midpoint between where Sands China and Wynn Macau are trading. There are no changes to our EBITDA estimates. This results in our WYNN target price declining by 18% to $144, from $175. Our point in contracting the target multiple is to show that there is still substantial upside potential in WYNN’s stock using a multiple that is more conservative. Our positive outlook for Macau is based on 8% GDP growth in China, competitive returns from junket operators, which support market liquidity, and a deep pool of junket customers."
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 $107.85 yesterday.
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