UPDATE: Citi Raises Target Price on Wynn Resorts

Citi has published a report on Wynn Resorts WYNN after 2Q results released. According to Citi, "We continue to rate Wynn Resorts a Sell (3M) for three main reasons. First, we remain cautious on Las Vegas, not only because of inconsistent metrics, particularly gaming revenue, but also because of gaming saturation across the US. While Wynn reported 10% growth in table game drop, it also reported only 2% growth in slot handle, the latter of which represents the larger share of gaming revenue. Moreover, these results are based off low comps. Non-gaming revenue however is more encouraging as RevPAR, Entertainment and F&B were up +17%, +22% and 13% respectively." Citi rated Wynn Resorts a SELL at Medium Risk with a price target of $133.50. Wynn Resorts closed Monday at $164.89.