Compass Point Upgrades Wynn Resorts (WYNN) to Neutral on Better Las Vegas Trends
Compass Point upgraded Wynn Resorts (NASDAQ: WYNN) from Sell to Neutral with a price target of $110.00.
The firm comments, "We are upgrading our rating from Sell to Neutral on shares of WYNN following the release of 3Q12 results. Overall, results were generally in-line with our expectation, though below consensus. Macau volumes continue to remain weak, which is consistent with our thesis, though Las Vegas trends are accelerating to the upside. Further, the company announced a special dividend as well as doubled quarterly dividend to $1. Despite the in-line results, we are upgrading our rating to Neutral due to better than expected trends in Las Vegas. Further, while we continue to believe the stock is over-valued and that FY13 expectations remain too elevated, we no longer believe a Sell rating is warranted as the improving Las Vegas conditions and doubled dividend should limit the potential for more meaningful downside. We increase our price target to $110, which includes the $8 special dividend."
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 $112.29 yesterday, with a 52 week range of $90.11-$142.20.
The firm comments, "We are upgrading our rating from Sell to Neutral on shares of WYNN following the release of 3Q12 results. Overall, results were generally in-line with our expectation, though below consensus. Macau volumes continue to remain weak, which is consistent with our thesis, though Las Vegas trends are accelerating to the upside. Further, the company announced a special dividend as well as doubled quarterly dividend to $1. Despite the in-line results, we are upgrading our rating to Neutral due to better than expected trends in Las Vegas. Further, while we continue to believe the stock is over-valued and that FY13 expectations remain too elevated, we no longer believe a Sell rating is warranted as the improving Las Vegas conditions and doubled dividend should limit the potential for more meaningful downside. We increase our price target to $110, which includes the $8 special dividend."
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 $112.29 yesterday, with a 52 week range of $90.11-$142.20.