Wells Fargo Analyst Calls Wynn Resorts A Top Pick, Raises Price Target Amid Clear Path To Upward Estimate Revisions

Wells Fargo analyst Daniel Politzer maintained an Overweight rating on Wynn Resorts, Limited WYNN, raising the price target to $134 from $128.
Politzer considers Wynn Resorts a top pick, with a "clear path to upward estimate revisions."
Macau is recovering, with the company maintaining its share, with chances of returning to FY19 EBITDA levels.
The company's Macau operations are worth $58/share, while the U.S. operations imply an equity value of $75/share,
However, increased competition within Macau, particularly from newly opened integrated resorts such as Grand Lisboa Palace or Londoner Macao, may hurt Wynn Resorts.
The analyst is also concerned about a slowdown in U.S. consumer spend, which could adversely impact the company's Las Vegas and Boston operations.
Price Action: WYNN shares traded higher by 4.25% at $110.57 on the last check Thursday.

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