UBS Downgrades Wynn Resorts (WYNN) to Neutral

UBS downgraded Wynn Resorts (NASDAQ: WYNN) from Buy to Neutral with a price target of $98.00 on valuation.

Analyst Robin Farley commented, "We are downgrading Wynn to Neutral from Buy, as we believe the stock at these higher levels reflects improving trends in Macau, decent opening for Wynn Palace and potential for positive GGR comps in Macau by Q4'16. We had tagged more cautious outlook for Macau and ests revisions for Wynn here, now expecting Macau gross gaming revenue to turn positive in Q4'16, implying a slower rate of recovery in GGR. With the stock now reflecting a decent opening for Wynn Palace on Cotai, we believe WYNN now has less favorable risk/return with the stock at these higher levels."

For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.

Shares of Wynn Resorts closed at $95.17 yesterday.

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