J.P. Morgan Reiterates a Hold Rating on Wynn Resorts

By Carrie Williams

In a report released today, Joseph Greff from J.P. Morgan reiterated a Hold rating on Wynn Resorts (NASDAQ: WYNN), with a price target of $87. The company’s shares opened today at $92.21.

Greff noted:

“WYNN’s 3Q16 Macau property level EBITDA came in at $176m, 5% below our estimate, with its newly opened Wynn Palace EBITDA in line at $25.5m (though revenues were slightly below). Wynn Macau was 6% below our estimate at $151m (versus our $159.9m), on slightly lower mass/slot revenues, though it benefitted from favorable VIP hold, which added $5m of EBITDA; adjusted for hold, EBITDA was 9% below JPM.”

According to TipRanks.com, Greff is a 5-star analyst with an average return of 10.0% and a 55.0% success rate. Greff covers the Services sector, focusing on stocks such as Pinnacle Entertainment, Penn National Gaming, and Red Rock Resorts Inc.

Wynn Resorts has an analyst consensus of Hold, with a price target consensus of $88.

Wynn Resorts’ market cap is currently $9.82B and has a P/E ratio of 31.96. The company has a book value ratio of -141.1916.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WYNN in relation to earlier this year. Most recently, in February 2016, Stephen Wynn, the CEO of WYNN bought 258,523 shares for a total of $15,043,416.

Wynn Resorts Ltd. engages in the development and management of casino resorts It operates through the Macau Operations and Las Vegas Operations segments. The Macau Operations segment manages Wynn Macau and Encore at Wynn Macau. The Las Vegas Operations segment covers Wynn Las Vegas and Encore at Wynn Las Vegas. It provides hotel rooms and suites; table games; slot machines; a race and sports book; and a poker room of casino gaming space, including a sky casino and private gaming salons; casual and fine dining in food and beverage outlets; spas and salons; lounges; and boutiques. The company was founded by Stephen Alan Wynn and Kazuo Okada in June 2002 and is headquartered in Las Vegas, NV.