UPDATE: Topeka Capital Markets Reduces PT to $145 on Wynn Resorts on Weak Macau Outlook

Topeka Capital Markets reiterates its Buy rating on Wynn Resorts

but lowered its price target from $150 to $145. Topeka Capital Markets noted, "Following the Company's announcement of 3Q12 financial results on October 24, we are reducing our 4Q12 and 2013 EPS estimates for WYNN, as well as lowering our price target on the stock from $150 to $145. Our estimate reductions reflect a more moderate pace of growth in Macau VIP wagering volume. Notwithstanding our expectation of slower near-term revenue growth in Macau, WYNN's current valuation belies the potential profit contribution of its Cotai resort project." Wynn Resorts closed at $118.99 on Friday.