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Wynn Resorts Surpasses Expectations with Strong Q4 and FY 2023 Financial Results

By Don Francis, Editor
February 9, 2024 10:26 AM UTC
Wynn Resorts Surpasses Expectations with Strong Q4 and FY 2023 Financial Results

Wells Fargo's Daniel Politzer raised their price target on Wynn Resorts (NASDAQ: WYNN) by 1.6% from $122 to $124 on 2024/02/08. The analyst maintained their Strong Buy rating on the stock.

Wynn Resorts recently released its fourth quarter and full year 2023 financial results, surpassing expectations and impressing analysts. The company reported earnings per share (EPS) of $1.91 for Q4 2023, beating the Zacks Consensus Estimate of $1.12 and showing significant improvement compared to the previous year's loss of $(1.23). Additionally, revenue for the quarter stood at $1.8 billion, exceeding the Zacks Consensus Estimate of $1.7 billion and representing an 83.1% increase compared to Q4 2022.

For the full year 2023, Wynn Resorts reported EPS of $4.10, marking a substantial 191.7% year-over-year increase. The company's revenue for the year reached $6.53 billion, reflecting a robust 73.9% growth compared to the previous year. The management did not provide financial guidance in their press release or earnings call.

The positive results were attributed to improvements in Wynn Resorts' operations in Macau and Las Vegas. CEO Craig Billings expressed satisfaction with the company's strong momentum and highlighted the team's relentless focus on delivering exceptional hospitality. Billings also emphasized the progress of the construction of Wynn Al Marjan Island in the UAE, expressing confidence that the resort will become a prominent tourism destination.

The impressive financial performance and positive outlook have led several analysts to update their ratings and price targets for Wynn Resorts. JP Morgan's Joseph Greff raised their price target by 4.4% from $113 to $118 while maintaining a Strong Buy rating on the stock. Barclays' Brandt Montour increased their price target by 8.3% from $108 to $117 and also maintained a Strong Buy rating. Susquehanna's Rachael Rothman raised their price target by 9.5% from $105 to $115, supporting the Strong Buy rating.

Overall, 75% of 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' upcoming year will deliver EPS of $2.48, representing a remarkable 785.7% year-over-year increase.

Since the release of Wynn Resorts' latest quarterly report on February 6, 2024, the stock price has risen by 6%. On a year-over-year basis, the stock is up 2.4%. However, during this period, Wynn Resorts has been trailing behind the S&P 500, which has experienced a significant 21.4% increase.

Wells Fargo analyst Daniel Politzer, who raised the price target on Wynn Resorts, is ranked in the top 17% of Wall Street analysts by WallStreetZen. With an average return of 6.1% and a win rate of 53.5%, Politzer specializes in the Consumer Cyclical and Industrials sectors.

Wynn Resorts, Limited is a company that designs, develops, and operates integrated resorts. Its operations include the Wynn Palace in Macau, which features a casino, luxury hotel, retail space, and convention facilities. The company also operates the Wynn Macau and Wynn Las Vegas resorts, offering similar amenities, and recently opened the Encore Boston Harbor in Massachusetts. Wynn Resorts aims to provide a five-star hospitality experience, distinguishing itself as a destination of choice for luxury guests.

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