Wynn Resorts (WYNN) PT Lowered to $116 at Citi
Citi analyst George Choi lowered the price target on Wynn Resorts (NASDAQ: WYNN) to $116.00 (from $121.00) while maintaining a Buy rating.
The analyst comments "Key takeaways from Wynn Resorts’ 3Q24 earnings call: (1) In LV, management reiterates that there will be tough comps in 4Q24, but F1 is shaping favorably for Wynn and its room rates are priced at a significant premium over its peers on the Strip. (2) Wynn LV saw strong growth in slot handle, table drop and non-gaming demand in Oct-24. (3) Management saw healthy Mass table drop, strong direct VIP direct VIP volumes and 99% hotel occupancy in Macau in Oct-24. More encouragingly, Mass table drop rose almost 30% YoY during the National Day Golden Week. (4) Competition has always been intense in Macau, and management does not see it worsening. We are maintaining our Buy rating on Wynn Resorts but trim our TP from US$121 to US$116, reflecting the slight miss in 3Q24 results."