UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Wynn Resorts
In a report published Friday, Deutsche Bank reiterated its Buy rating on Wynn Resorts (NASDAQ: WYNN), and raised its price target from $144.00 to $146.00.
Deutsche Bank noted, “Tonight, after market close, WYNN reported largely in line results with hold aided strength in Las Vegas ($115 mm versus our $94 mm) providing upside to our aggregate property level forecast and slightly lower Macau margins creating a $4 mm shortfall from our Wynn Macau forecast ($287 mm versus our $283 mm). In total property level EBITDA was $398.5 mm, ~$18 mm ahead of our forecast. We calculate the hold benefit on the table side in LV to be ~$10 mm, thus, results were roughly $8 mm better on an adjusted basis. Maintain Buy.”
Wynn Resorts closed on Thursday at $125.22.
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