JP Morgan Lowers PT on Wynn Resorts to $177

JP Morgan has published a research report on Wynn Resorts

and has lowered the price target from $185 to $177. In the report, JP Morgan writes, "WYNN is set to report 3Q11 earnings this Wednesday, after the close. This note summarizes our quick thoughts and expectations going into the quarterly result. We maintain our Overweight rating and believe that a one-time special dividend announcement, additional progress related to its Cotai development, and solid operational performance in both Macau and Las Vegas should move the stock higher going into year end." JP Morgan maintains its Overweight rating on Wynn Resorts, which is currently trading up $1.19 form its $134.48 closing price on Friday.