Deutsche Bank maintained a Buy rating on Wynn Resorts (NASDAQ: WYNN) with a price target of $225. Comments follow Q3 results. Analyst Carlo Santarelli noted Q3 Macau margins showed now signs of pressure.

"Post solid results (property EBITDA +5% vs DB) and a largely uneventful 3Q14 call, our estimates are modestly lower (accounting for lower Macau market forecasts and lower 4Q13 VIP hold). Our Buy rating & $225 PT are unchanged," said Santarelli.

"We saw the following as the keys to the quarter: 1) Macau margins were 34.5% and showed no evidence of promotional / rebating activity on the mass floor, 2) VIP pressure continues, but we believe little of what mgmt said on the call was not already known given October GGR trends MTD, 3) WYNN paid a $1 special dividend and upped the recurring to $1.50 per quarter, 4) Cotai remains on track, & 5) LV was solid, though in line on a hold adjusted basis," he added.

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Shares of Wynn Resorts closed at $185.25 yesterday.