JP Morgan Downgrades Wynn Resorts Limited to Neutral with Price Target $94.00

Brokerage firm JP Morgan Downgrades its rating on Wynn Resorts Limited(NASDAQ:WYNN). In a research note issued to the investors, the brokerage major Lowers the price-target to $94.00 per share. The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by JP Morgan was issued on Jul 14, 2016.

In a different note, On Apr 29, 2016, CLSA said it Downgrades its rating on Wynn Resorts Limited. In the research note, the firm Raises the price-target to $88.00 per share. The shares have been rated ‘Outperform’ by the firm.

Wynn Resorts Limited (WYNN) made into the market gainers list on Mondays trading session with the shares advancing 4.81% or 4.44 points. Due to strong positive momentum, the stock ended at $96.66, which is also near the day’s high of $96.93. The stock began the session at $92.36 and the volume stood at 31,02,039 shares. The 52-week high of the shares is $105.69 and the 52 week low is $49.95. The company has a current market capitalization of $9,839 M and it has 10,17,90,911 shares in outstanding.

Wynn Resorts Limited(WYNN) last announced its earnings results on May 5, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $997.68M. Analysts had an estimated revenue of $995.83M. Earnings per share were $0.89. Analysts had estimated an EPS of $0.83.

Several Insider Transactions has been reported to the SEC. On Feb 10, 2016, Family Limited Partnershi Wynn (CEO) purchased 258,523 shares at $58.48 per share price.Also, On Dec 8, 2015, Stephen A Wynn (CEO) purchased 1,003,977 shares at $63.63 per share price.On Oct 21, 2015, Ray R Irani (director) purchased 40,000 shares at $68.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Wynn Resorts Limited is a developer owner and operator of destination casino resorts which integrate accommodations and amenities including fine dining premium retail offerings distinctive entertainment and convention facilities. The Company owns 72% of Wynn Macau Limited which operates an integrated resort in the Macau Special Administrative Region of the People’s Republic of China (Macau). Wynn Resorts also owns 100% of and operates an integrated resort in Las Vegas Nevada. The company operates through two segments: Macau Operations which includes Wynn Macau and Encore at Wynn Maca and Las Vegas Operations which includes Wynn Las Vegas and Encore at Wynn Las Vegas. Its Macau Operations features approximately 284000 square feet of casino space with 498 table games and 625 slot machines two hotel towers and others. Its Las Vegas Operations features approximately 186000 square feet of casino space with 232 table games 1849 slot machines two hotel towers and others.

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