Nomura Securities Maintains a 'Buy' on Wynn Resorts (WYNN); Okada Counterclaim

Nomura Securities maintains a 'Buy' on Wynn Resorts (NASDAQ: WYNN) price target of $139.00.

Analyst, Harry Curtis, said, "We highlight the three principal issues that we found most interesting in Okada’s 100+ page counterclaim: 1) Okada’s shares are not subject to redemption because transfer restrictions in a stockholder agreement preclude redemption. 2) There is no basis for finding Okada “unsuitable.” Okada noted he “adheres to rules relating to business entertainment so that such entertainment is within industry practices and applicable laws.” 3) No basis for discount to Aruze’s shares. Okada argues that other than the opinion issued by Moelis, nothing in the Articles of Incorporation or the stockholder agreement justify the 30% discount. WYNN’s legal counsel replied with a concise, “see you in court.” Worst case, we calculate WYNN’s stock still has 11% upside potential if the redemption is reversed."

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 $125.33 yesterday.

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