WYNN - Wynn Resorts gains after Barclays says rally is just getting started

2023-05-17 07:08:44 ET

Wynn Resorts ( NASDAQ: WYNN ) jumped in early trading on Wednesday after Barclays upgraded the casino stock. The firm moved to an Overweight rating after having Wynn slotted at Equal-weight on the view that pent-up demand in Macau is still being unleashed.

Analyst Brandt Montour thinks the rally in Wynn Resorts ( WYNN ) has plenty of legs to run with more evidence piling up that Wynn's ( WYNN ) Macau business is heading for 2019 EBITDA generation faster than forecast. Looking ahead, Montour thinks the conversation on Wynn ( WYNN ) could turn to just high over the 2019 level can EBITDA rise.

The outlook for Wynn's ( WYNN ) Las Vegas business is also looked at favorably by Barclays.

"We increasingly believe WYNN will be able to hold onto recent property performance in Las Vegas in spite of macro conditions worsening, or at least hold in better than we think current investor expectations assume, based on a certain level of scarcity value for WYNN’s high-end product that should keep it relatively insulated."

Shares of Wynn Resorts ( WYNN ) moved up 2.85% in premarket action to $106.00 vs. the 52-week trading range of $50.20 to $117.85. The casino stock is up more than 20% in 2023.

More on Wynn Resorts:

• Wynn Resorts: Continuing To Avoid
• Wynn Resorts: Shares Still Have Legs To Run
• More articles from Seeking Alpha analysts
• Wynn Resorts earnings call transcript
• Relative strength index and moving averages
• Seeking Alpha's Quant Rating for Wynn

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