Wells Fargo & Company Increases Wynn Resorts (NASDAQ:WYNN) Price Target to $128.00

Wynn Resorts (NASDAQ:WYNN) had its target price hoisted by Wells Fargo & Company from $125.00 to $128.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the casino operator’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 31.70% from the stock’s previous close.

A number of other brokerages also recently weighed in on WYNN. Macquarie increased their price target on Wynn Resorts from $122.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, February 9th. Stifel Nicolaus raised their target price on Wynn Resorts from $135.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday. Mizuho assumed coverage on Wynn Resorts in a research note on Thursday, April 4th. They issued a “buy” rating and a $131.00 price target on the stock. Morgan Stanley raised their price objective on shares of Wynn Resorts from $107.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Finally, Bank Of America (Bofa) boosted their target price on shares of Wynn Resorts from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 17th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $122.93.

Wynn Resorts Price Performance

Wynn Resorts stock opened at $97.19 on Wednesday. The firm has a market cap of $10.89 billion, a P/E ratio of 16.25 and a beta of 1.91. The stock’s 50 day moving average is $100.08 and its 200 day moving average is $95.40. Wynn Resorts has a one year low of $81.65 and a one year high of $113.50.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Tuesday, May 7th. The casino operator reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.16. Wynn Resorts had a net margin of 11.18% and a negative return on equity of 31.17%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the company earned $0.29 EPS. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. Equities analysts anticipate that Wynn Resorts will post 5.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wynn Resorts

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB raised its stake in shares of Wynn Resorts by 130.9% in the fourth quarter. Nordea Investment Management AB now owns 143,480 shares of the casino operator’s stock worth $13,101,000 after purchasing an additional 81,338 shares during the last quarter. Van ECK Associates Corp raised its position in Wynn Resorts by 51.8% in the 4th quarter. Van ECK Associates Corp now owns 55,787 shares of the casino operator’s stock valued at $5,083,000 after buying an additional 19,031 shares during the last quarter. Synergy Asset Management LLC bought a new position in Wynn Resorts during the 4th quarter valued at $1,150,000. Keybank National Association OH boosted its holdings in Wynn Resorts by 8.1% during the 3rd quarter. Keybank National Association OH now owns 249,716 shares of the casino operator’s stock worth $23,076,000 after acquiring an additional 18,802 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in shares of Wynn Resorts by 11.4% in the third quarter. Kestra Advisory Services LLC now owns 6,202 shares of the casino operator’s stock valued at $573,000 after purchasing an additional 633 shares during the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.

About Wynn Resorts

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.