UBS Remains Bullish on Wynn Resorts Ltd (WYNN) Following Pre-Announcement
UBS reiterated a Buy rating and $95.00 price target on Wynn Resorts Ltd (NASDAQ: WYNN) following the company's pre-announcement, ahead of analyst day. WYNN reported that Macau net revenues will be in the $603-$613M range, above the Street's $592M estimate. Vegas net revenues will be in the range of $384-$394M, in-line with the Street's $390M.
Analyst Robin Farley commented, "Overall numbers reported today are largely better in Macau vs. consensus expectations and a tad softer in Vegas vs. what Street expected. While Q4 preannouncement was surprising & allowed Wynn to buy shares in the open market as early as Jan'16, we believe this round of preannouncement has to do more with Wynn's ability to hold an analyst meeting in Vegas, something that the company has not done in years, and which we view as a positive catalyst, though we do not expect major announcements, but perhaps more transparency on outlook in light of stabilization in Macau and improving Vegas fundamentals."
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Shares of Wynn Resorts closed at $90.92 yesterday.