Barclays Forecasts Strong Price Appreciation for Wynn Resorts (NASDAQ:WYNN) Stock

Wynn Resorts (NASDAQ:WYNN) had its price objective upped by equities research analysts at Barclays from $115.00 to $116.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the casino operator’s stock. Barclays‘s price objective would suggest a potential upside of 30.60% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Jefferies Financial Group dropped their price objective on Wynn Resorts from $109.00 to $105.00 and set a “hold” rating on the stock in a report on Friday, January 3rd. JPMorgan Chase & Co. increased their price objective on Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Wells Fargo & Company dropped their price objective on Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, Morgan Stanley increased their price objective on Wynn Resorts from $112.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $119.50.

Wynn Resorts Price Performance

NASDAQ WYNN opened at $88.82 on Friday. The company has a 50 day simple moving average of $85.66 and a 200-day simple moving average of $86.86. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 2.32 and a beta of 1.76. Wynn Resorts has a 52-week low of $71.63 and a 52-week high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $1.15. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 61.16%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.78 billion. On average, analysts predict that Wynn Resorts will post 4.69 EPS for the current year.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Regal Partners Ltd grew its stake in shares of Wynn Resorts by 24.0% in the third quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock worth $86,168,000 after acquiring an additional 174,005 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Wynn Resorts by 90.6% in the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock worth $11,094,000 after acquiring an additional 54,995 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Wynn Resorts in the fourth quarter worth $903,000. Crystal Rock Capital Management acquired a new stake in shares of Wynn Resorts in the third quarter worth $719,000. Finally, ARGA Investment Management LP acquired a new stake in shares of Wynn Resorts in the third quarter worth $2,174,000. Institutional investors and hedge funds own 88.64% of the company’s stock.

Wynn Resorts Company Profile

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.