Brean Murray Carret Cuts Price Target on Wynn Resorts (WYNN) on Lower Estimates

Brean Murray Carret & Co. is reaffirming its Buy rating on shares of Wynn Resorts (NASDAQ: WYNN) and is lowering its price target from $161 to $153.

The company reported mixed Q4 results with sales topping expectations, while earnings fell short. The firm notes the miss was due to a higher hold percentage in Macau.

"Although Wynn's Q4 reveals a more difficult enviorment in Macau, we view Wynn as a value stock with a substantial growth opportunity in Macau, reports Brean Murray Carret & Co. "In the interim, we believe there is upside to our estimates in Las Vegas and Macau if the economy of either market picks up, while Wynn shareholders will likely continue to benefit from the generation of close to $8 a share in FCF."

The firm lowered its FY12 EPS estimate from $5.79 to $5.71.

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 $120.78 yesterday.

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