Morgan Stanley analyst Stephen Grambling maintained a Buy rating on Wynn Resorts today and set a price target of $111.00.
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Stephen Grambling has given his Buy rating due to a combination of factors that highlight the potential for Wynn Resorts’ future performance. Despite the recent quarterly results showing a headline miss, the underlying performance adjusted for hold was stronger than expected. This indicates that the company’s core operations are robust, particularly in Las Vegas where EBITDAR exceeded expectations due to effective cost management and increased revenue from table games and slots.
Moreover, while Macau’s results were disappointing, they were largely affected by external factors such as higher operational expenses and VIP luck headwinds. Importantly, management has noted improving trends in both Las Vegas and Macau for July, suggesting a positive outlook moving forward. Additionally, the current valuation of Wynn Resorts remains attractive, trading at a discount compared to historical levels, which presents a compelling opportunity for investors. These elements combined support the Buy rating from Stephen Grambling.
In another report released today, Goldman Sachs also maintained a Buy rating on the stock with a $124.00 price target.