{"id":108226,"date":"2019-07-02T13:34:04","date_gmt":"2019-07-02T20:34:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=108226"},"modified":"2019-07-02T14:52:50","modified_gmt":"2019-07-02T21:52:50","slug":"analyst-adjusts-some-wynn-estimates-still-likes-stock","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/","title":{"rendered":"Analyst Trims Wynn Earnings Estimates, Price Target, But Remains Optimistic"},"content":{"rendered":"

David Katz of Jefferies, one of the most widely followed gaming and leisure analysts on Wall Street, pared earnings estimates and his price target on shares of Wynn Resorts, Ltd. (NASDAQ:WYNN), but remains bullish on the stock.<\/p>\n

\"\"
Wynn Macau. Analysts are hoping the company can add to its non-China revenue. (Image: Booking.com)<\/figcaption><\/figure>\n

In a recent note provided to Casino.org<\/em>, the analyst revised his 2019 earnings per share (EPS) estimate on the owner of the Wynn and Encore in Las Vegas to $7.37 from $8 while trimming his 2020 EPS estimate to $9.65 from $10.30<\/strong>. Katz also made a modest downward revision to his price target on Wynn to $160 from $166 while maintaining a \u201cbuy\u201d rating. As of this writing, the stock resides just under $133.<\/p>\n

As a consequence of our estimate revisions, we are adjusting our price target to $160 from $166, with our valuation multiples remaining the same,\u201d said Katz in a note out Monday. \u201cWe believe that our thesis maintains merit, which is predicated on an inflection in the Chinese macro economy as the year progresses.\u201d<\/p><\/blockquote>\n

Wynn is heavily dependent on Macau, the lone region in China where gambling is legal, as a driver of its revenue. Operators there said gross gaming revenue (GGR) rose nearly six percent last month<\/a> to $2.96 billion.<\/p>\n

China, Other Catalysts<\/h2>\n

As Casino.org<\/em> reported Monday, shares of US casino operators with Macau exposure, including Wynn, rallied on news of thawing trade tensions<\/a> between the US and China. Katz sees resumption of trade negotiations between the world’s two largest economies as a positive for Wynn stock, but that does not guarantee a smooth ride.<\/p>\n

\n

“We believe that the current announcement that negotiations will resume should have a positive impact, but the outcome remains speculative and subject to volatility,\u201d said the analyst.<\/span><\/p>\n<\/div>\n

Analysts and investors have long wanted more diversity in Wynn’s revenue stream, meaning decreased dependence on Macua and the broader Chinese economy. The recently opened $2.6 billion Encore Boston Harbor, the company’s first US property not in Las Vegas<\/a>, could help in the quest to broaden revenue horizons.<\/p>\n

Encore Boston Harbor, the first US casino in a large metropolitan area, could eventually become the dominant New England gaming venue and one of the most profitable regional casinos in the country, according to some analysts<\/a>.<\/p>\n

In a base case scenario, Jefferies’ Katz sees the Everett, Massachusetts property adding $85 million in earnings before interest, taxes, depreciation and amortization (EBITDA) to Wynn this year and $247 million in 2020<\/strong>.<\/p>\n

Near-Term Issues<\/h2>\n

Wynn holds an analyst meeting next week and it is expected the company will provide clarity on issues ranging from Macau to the Encore Boston Harbor opening and perhaps offer comments on acquisition opportunities as well as plans to return capital to investors.<\/p>\n

In May, the company raised its quarterly dividend to $1 a share from 75 cents, but it has not recently announced plans to buyback any of its stock<\/a>.<\/p>\n

Wynn’s \u201ccapital allocation strategy has become less clear, given the endeavours to acquire and divest assets since our upgrade,\u201d said Katz. \u201cWe remain steadfast in our view for the time being, given that the trade talks are on, the M&A efforts have not progressed and Boston is now open and operating.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

David Katz of Jefferies, one of the most widely followed gaming and leisure analysts on Wall Street, pared earnings estimates and his price target on shares of Wynn Resorts, Ltd. (NASDAQ:WYNN), but remains bullish on the stock. In a recent note provided to Casino.org, the analyst revised his 2019 earnings per share (EPS) estimate on […]<\/p>\n","protected":false},"author":46,"featured_media":108230,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nAnalyst Trims Wynn Earnings Estimates, Price Target, But Remains Optimistic - Casino.org Analyst Adjusts Some Wynn Estimates, Still Likes Stock<\/title>\n<meta name=\"description\" content=\"David Katz of Jefferies, one of the most widely followed gaming and leisure analysts on Wall Street, pared earnings estimates and his price target on An analyst lowered his earnings estimates and price target on Wynn Resorts, but he remains bullish on the casino operator's shares.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Trims Wynn Earnings Estimates, Price Target, But Remains Optimistic - Casino.org Analyst Adjusts Some Wynn Estimates, Still Likes Stock\" \/>\n<meta property=\"og:description\" content=\"David Katz of Jefferies, one of the most widely followed gaming and leisure analysts on Wall Street, pared earnings estimates and his price target on An analyst lowered his earnings estimates and price target on Wynn Resorts, but he remains bullish on the casino operator's shares.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-02T20:34:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-02T21:52:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/wynnmacau.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"884\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/\",\"url\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/\",\"name\":\"Analyst Trims Wynn Earnings Estimates, Price Target, But Remains Optimistic - Casino.org Analyst Adjusts Some Wynn Estimates, Still Likes Stock\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/wynnmacau.jpg\",\"datePublished\":\"2019-07-02T20:34:04+00:00\",\"dateModified\":\"2019-07-02T21:52:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"David Katz of Jefferies, one of the most widely followed gaming and leisure analysts on Wall Street, pared earnings estimates and his price target on An analyst lowered his earnings estimates and price target on Wynn Resorts, but he remains bullish on the casino operator's shares.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/analyst-adjusts-some-wynn-estimates-still-likes-stock\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/wynnmacau.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/wynnmacau.jpg\",\"width\":1280,\"height\":884,\"caption\":\"Wynn Macau. 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