Wynn Stock Boosted as Macau's Casinos Reopen. Gets Upgrade. | WYNN Message Board Posts


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Msg  25 of 27  at  1/3/2023 3:17:30 PM  by

jerrykrause


Wynn Stock Boosted as Macau's Casinos Reopen. Gets Upgrade.

Wynn Stock Boosted as Macau's Casinos Reopen. Gets Upgrade.
 

Wynn Resorts was on the rise early Tuesday after the casinos stock received an upgrade to Overweight from Equal Weight by Wells Fargo.

Its analysts see an opportunity in the reopening of Macau—China's gambling hub—and the potential to recoup earnings through exclusive customers.

The Wells analysts, led by Daniel Politzer, increased the price target on Wynn (ticker: WYNN) to $101 from $74. They said "key drivers" behind the rating upgrade included "a viable path" to regaining most or all of the casino group's 2019 VIP earnings through "premium mass play."

"This is not reflected in the stock," Politzer noted.

Other drivers included the company's roots in Macau—where the recovery in gross gaming revenue (GGR) offers "the best growth opportunity in gaming." Alongside its premium paths, the company's small-scale offering was seen by the analysts as a good way to add value.

Wells analysts will be keeping an eye on news from China as the country abandons key parts of its 'zero-Covid' policy, including scrapping quarantine for inbound travelers.

"We think investors are better suited buying Macau stocks with upside to low…2024 expectations than U.S. gaming stocks, where the best case is for still good/consistent results," Politzer wrote.

Other casino stocks were on the rise early Tuesday. Las Vegas Sands (LVS) jumped 1.8%. MGM Resorts International (MGM) rose 1.1%. Melco Resorts (MLCO) increased 3.9%.

Early Tuesday, Wynn shares rose 3.9% to $85.65. In 2022, the company's shares fell 3%. In 2021, its shares fell 24.6%, according to Dow Jones Market Data.

 


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