Deutsche Bank Expects Wynn Q4 Earnings to Meet Expectations; Boosts Price Target (WYNN)

On Thursday analysts at Deutsche Bank boosted its price target on casino and hotel operator Wynn Resorts, Limited (WYNN) as fourth quarter earnings are expected to be in-line with Wall Street consensus.

The analysts backed a “Buy” rating for Wynn and increased its price target from $135 to $144. This new target suggests an +18.5% upside to Wednesday’s closing price of $121.52.

“Based on our new property level and total EBITDA estimates, which we note are largely unchanged, we expect Macau property level EBITDA of $287 mm (vs. consensus of $289 mm) and Wynn LV property level EBITDA of $94 mm (vs. consensus of $97 mm),” said Deutsche Bank analyst Carlo Santarelli.

Also, the increase in price target reflects a new outlook on Wynn’s Macau property.

Wynn shares were flat during premarket trading on Thursday. The stock is up +13.14% over the past year.

The Bottom Line
Shares of Wynn Resorts (WYNN) have a 1.65% dividend yield, based on last night’s closing stock price of $121.52. The stock has technical support in the $110-$115 price area. If the shares can firm up, we see overhead resistance around the $125-$130 price levels.

Wynn Resorts, Limited (WYNN) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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