Thursday December 20, 05:29 PM
Wynn Resorts upgraded to "neutral" - update
NEW YORK, December 20 (newratings.com) - Analysts at UBS (Virt-X: UBSN.VX - news) upgrade Wynn Resorts (ticker: WYNN) from "sell" to "neutral,"
while reducing their estimates for the company. The 12-month target price has been reduced from $141 to $129.
In a research note published this morning, the analysts mention that the company's stock valuation is attractive at present. Risks and expenses for the VIP market are likely to rise going forward, following MPEL's deal with AMA, which commenced operations on December 15, UBS adds. The downward revision in the target price reflects an increased share count and recent dividend of $6 per share, the analysts say. The EPS estimates for 2007 and 2008 have been reduced from $3.06 to $3.03 and from $3.88 to $3.69, respectively.
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