UPDATE: Deutsche Bank Cuts Target on Wynn Resorts to $148

Deutsche Bank remains Buy-rated on Wynn Resorts

and lowers its price target by $9 to $148 a share, reflecting a negative revision of estimates following the company's fourth quarter results. Deutsche Bank says, "Post 4Q results, our 2012 and 2013 EBITDA (post corporate and FAS expense) estimates go to $1,563 mm and $1,668 mm from $1,633 mm and $1,751 mm, respectively. Our negative revision stems from lower top line forecasts at both Wynn Las Vegas and Wynn Macau. Accordingly, our price target goes to $148 from $157. Our Buy rating, which is predicated on what we see as a favorable risk-reward, remains. We would use weakness from the result and/or soft early February Macau GGR reports to accumulate shares." WYNN closed at $120.78 a share yesterday.