Deutsche Bank Raises PT On WYNN To $148

Deutsche Bank has raised its price target on Wynn Resorts WYNN from $141 to $148 based on a strong 1Q. Says Deutsche Bank, in its report, “An uncannily favorable hold in LV during 1Q (and above-average mass mkt hold in Macau) fueled a good part of WYNN's big EPS & EBITDA beat, but non-luck related metrics were strong, too: Macau VIP drop +45% y/y (+6% q/q), mass drop +29% y/y (+3% q/q), and LV RevPAR +17% on an 18% rise in room rates. Mgt noted on the conf. call that YTD property EBITDA (through April 18) is $503m, implying $98m in April thus far--putting WYNN on pace for another upside result in 2Q. Expect consensus to migrate higher & drive add'l. interest in the stock.” Deutsche Bank maintains a Buy rating on the stock. WYNN closed yesterday at $138.93.