Wynn Resorts: Impressive Q4 and FY 2023 Performance, Strong Momentum Continues

By Don Francis, Editor
February 9, 2024 10:25 AM UTC
Wynn Resorts: Impressive Q4 and FY 2023 Performance, Strong Momentum Continues

Barclays's Brandt Montour raised their price target on Wynn Resorts (NASDAQ: WYNN) by 8.3% from $108 to $117 on 2024/02/08. The analyst maintained their Strong Buy rating on the stock.

Wynn Resorts, the integrated resort operator, recently reported robust overall and very strong performances from its properties in Macau and Las Vegas. The company's Q4 and FY 2023 results exceeded expectations, with impressive earnings per share (EPS) and revenue growth.

In Q4 2023, Wynn Resorts reported EPS of $1.91, beating the Zacks Consensus Estimate of $1.12 by a significant margin of 255.3%. This also represented a substantial improvement from the previous year's Q4 EPS of $(1.23). Additionally, the company's revenue for the quarter reached $1.8 billion, surpassing the Zacks Consensus Estimate of $1.7 billion by 83.1%. This figure also marked an 83.1% increase compared to the revenue generated in Q4 2022, which stood at $1 billion.

For FY 2023, Wynn Resorts achieved an EPS of $4.10, reflecting a remarkable year-over-year growth rate of 191.7%. The company's revenue for the fiscal year amounted to $6.53 billion, showing a substantial 73.9% increase compared to the previous year.

CEO Craig Billings expressed satisfaction with the company's strong momentum and emphasized the team's relentless focus on delivering five-star hospitality. He highlighted Wynn Resorts' properties in Las Vegas, Boston, and Macau as the preferred luxury destinations for discerning guests. Billings also provided updates on the development front, stating that construction of Wynn Al Marjan Island in the United Arab Emirates (UAE) is progressing well and that the resort is expected to become a must-visit tourism destination.

Following the impressive quarterly results, other analysts also weighed in on Wynn Resorts on 2024/02/08. JP Morgan's Joseph Greff raised their price target on the stock by 4.4%, from $113 to $118, while maintaining their Strong Buy rating. Wells Fargo's Daniel Politzer increased their price target by 1.6%, from $122 to $124, also maintaining their Strong Buy rating. Susquehanna's Rachael Rothman raised their price target by 9.5%, from $105 to $115, and held onto their Strong Buy rating.

Overall, 75% of the top-rated analysts currently rate Wynn Resorts as a Strong Buy or Buy, while 25% consider it a Hold. No analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that Wynn Resorts will deliver an EPS of $2.48 in the upcoming year. If these predictions hold true, the company's next yearly EPS will experience a staggering year-over-year growth of 785.7%.

Since the release of Wynn Resorts' latest quarterly report on 2024/02/06, the stock price has increased by 6%. On a year-over-year basis, the stock has risen by 2.4%. However, it is important to note that Wynn Resorts has underperformed the S&P 500, which recorded a significant 21.4% increase during the same period.

Barclays analyst Brandt Montour, who raised the price target and maintained the Strong Buy rating on Wynn Resorts, is ranked in the top 9% of Wall Street analysts by WallStreetZen. With an average return of 12% and a win rate of 52.7%, Montour specializes in analyzing the Industrials and Consumer Cyclical sectors, among others.

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