Nomura Securities Maintains a 'Buy' on Wynn Resorts (WYNN); Litigation Possibility After Review of 8-K
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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 of $139.00.
Analyst, Harry Curtis, said, "We reviewed the Freeh report in WYNN’s latest 8-K, which led to the “unsuitability” finding by WYNN’s Board’s of Mr. Okada, Universal, and Aruze USA. While we are not legal experts, we find this document to be thorough, rich in detail, independent and persuasive. It presents evidence, which led the Board to conclude that Mr. Okada: 1) breached his fiduciary duty to WYNN; 2) was no longer deemed “suitable” under WYNN’s Articles of Incorporation, and 3) was in violation of WYNN’s Compliance Policy. Since the 2/19 disclosure, WYNN’s stock is up only 3.5%. The EPS accretion is 20% if the redemption is successful at $1.9bn. The market appears to have concluded that litigation risk is very high."
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 $116.34 yesterday.
Analyst, Harry Curtis, said, "We reviewed the Freeh report in WYNN’s latest 8-K, which led to the “unsuitability” finding by WYNN’s Board’s of Mr. Okada, Universal, and Aruze USA. While we are not legal experts, we find this document to be thorough, rich in detail, independent and persuasive. It presents evidence, which led the Board to conclude that Mr. Okada: 1) breached his fiduciary duty to WYNN; 2) was no longer deemed “suitable” under WYNN’s Articles of Incorporation, and 3) was in violation of WYNN’s Compliance Policy. Since the 2/19 disclosure, WYNN’s stock is up only 3.5%. The EPS accretion is 20% if the redemption is successful at $1.9bn. The market appears to have concluded that litigation risk is very high."
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 $116.34 yesterday.
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