In a report released today, Stephen Grambling from Morgan Stanley maintained a Buy rating on Wynn Resorts, with a price target of $132.00.
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Stephen Grambling has given his Buy rating due to a combination of factors that suggest potential growth and profitability for Wynn Resorts. One key reason is the projected economic growth in the UAE, where Wynn Resorts is developing a new property. The UAE’s GDP is expected to grow at a 5.5% CAGR through 2030, which could significantly enhance the company’s earnings and lead to a larger EBITDA than initially anticipated.
Additionally, the competitive landscape appears favorable as no other properties are currently approved or under construction, reducing the likelihood of immediate competition. Furthermore, the development of a 60-acre land bank presents additional opportunities for expansion. These factors, combined with the excitement and investment potential in the market, support the Buy rating for Wynn Resorts.
In another report released yesterday, Goldman Sachs also maintained a Buy rating on the stock with a $145.00 price target.