UPDATE: Citi Raises PT on Wynn Resorts to $140

Citi is out with its report today on Wynn Resorts

, raising its PT from $133 to $140. In its report, Citi writes, "We moderately raise our target price from US$133 to US$140 after updating the parameters used in our DCF and SOTP valuation methodologies (latest market value for Wynn Macau in SOTP; lower WACC and Cost of Equity in DCF). Our earnings estimates remain generally unchanged following the input of latest quarterly data. We maintain our Hold (2M) rating on Wynn Resorts." Shares of WYNN closed Wednesday at $135.49, down 3.24% from Tuesday's close.