UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Wynn Resorts
In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on Wynn Resorts Limited (NASDAQ: WYNN), but lowered its price target from $136.00 to $120.00.
Morgan Stanley noted, “We remain EW on WYNN. While the (very) LT RR appears favorable and recently reduced estimates seem more achievable, we do not see a clear catalyst to drive upside. Decelerating VIP revenues in Macau, exacerbated by capacity constraints, likely will keep results / shares range-bound.”
Wynn Resorts Limited closed on Tuesday at $97.36.
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