Citigroup Analyst Raises Price Target on Wynn Resorts, Maintains Strong Buy Rating

Citigroup's George Choi raised their price target on Wynn Resorts (NASDAQ: WYNN) by 4.5% from $132 to $138 on May 8, 2024. The analyst maintained their Strong Buy rating on the stock.

In response to Wynn Resorts' Q1 2024 earnings report, Choi made two key points. Firstly, they described the quarterly results as "a solid set of numbers." Secondly, Citigroup finds the stock's current valuation attractive.

For Q1 2024, Wynn Resorts reported impressive financial figures. The company's earnings per share (EPS) came in at $1.59, surpassing the Zacks Consensus Estimate of $1.43 and showing significant growth of 448.3% compared to Q1 2023's $0.29. Additionally, Wynn Resorts reported revenue of $1.86 billion, beating the Zacks Consensus Estimate of $1.77 billion and marking a 30.9% increase from Q1 2023's $1.42 billion.

During the earnings release and subsequent call, Wynn Resorts' management did not provide specific financial guidance. However, CEO Craig Billings expressed optimism about the company's outlook, stating, "We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth." Billings also highlighted the progress of the Wynn Al Marjan Island hotel tower construction in the UAE and the company's commitment to maintaining its leadership position in each market.

In addition to Choi's update, other analysts also revised their ratings and price targets for Wynn Resorts on May 8, 2024. Wells Fargo's Daniel Politzer raised their price target by 2.4% from $125 to $128 while maintaining a Strong Buy rating. Similarly, Stifel Nicolaus's Steven Wieczynski increased their price target by 2.2% from $135 to $138, also maintaining a Strong Buy rating.

Currently, 80% of the top-rated analysts view Wynn Resorts as a Strong Buy or Buy, while the remaining 20% consider it a Hold. No analysts recommend or strongly recommend selling the stock.

Since Wynn Resorts' latest quarterly report on May 7, 2024, the stock price has experienced a 1.5% decline. Comparatively, the stock has seen a year-over-year decrease of 15.1%. During this period, Wynn Resorts has underperformed the S&P 500, which has declined by 25.4%.

Citigroup analyst George Choi is ranked in the top 17% of Wall Street analysts by WallStreetZen. With an average return of 30.6% and a win rate of 76.5%, Choi specializes in the Consumer Cyclical sector.

Wynn Resorts, Limited is a company that designs, develops, and operates integrated resorts. The company operates various segments, including Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. These segments encompass casino spaces, hotel towers, retail spaces, meeting and convention spaces, food and beverage outlets, and various entertainment offerings.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.