UPDATE: Topeka Capital Markets Reduces PT to $170 on Wynn Resorts on Slower Macau Growth

Topeka Capital Markets reiterates its Buy rating on Wynn Resorts

but lowers its price target from $180 to $170. Topeka Capital Markets notes, "We are reducing our 2012 EPS forecast for WYNN from $6.00 to $5.94 and lowering our price target on the stock from $180 to $170. For 2Q12, we have lowered our EPS forecast from $1.68 to $1.62 to reflect slower Macau market same-store revenue growth. Notwithstanding our expectation of a more moderate near-term pace of revenue growth in Macau, we believe WYNN's valuation belies the Company's large premium to its fair share of Macau market EBITDA, as well as the potential long-term contribution from the Company's Cotai project." WYNN closed at $102.15 on Monday.