UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Wynn Resorts

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Wynn Resorts Limited WYNN, but lowered its price target from $144.00 to $118.00. Deutsche Bank noted, “We continue to find valuation appealing (11.3x 2013 EBITDA and 8.9% 2013 FCF yield), but recognize a lack of catalysts, and more importantly, a murky China/Macau environment, makes new money investments difficult at current levels. We found the Macau results and color from the call to be a largely negative read across for market participants in general, though acknowledge that competition ratcheting up is and has been widely known. On the other hand, we were encouraged by the underlying trends at Wynn LV and see a positive read through for MGM given rate driven RevPAR results and table/slot drop/handle growth at Wynn Las Vegas.” Wynn Resorts Limited closed on Tuesday at $97.36.