Zacks Investment Research upgraded shares of Wynn Resorts Ltd. (WYNN) from NEUTRAL to OUTPERFORM on February 11, 2014, with a target price of $267.00.
We upgrade our recommendation on Wynn Resorts to Outperform from Neutral following its solid fourth quarter 2013 results. Earnings per share almost doubled year over year and also beat the Zacks Consensus Estimate by 30.0%, driven by an improvement in margins. The top line grew 18.0% year over year and beat the Zacks Consensus Estimate by 7.0%. The upside was backed by the company's solid Macau business as well as a decent performance in Las Vegas. It seems that the company has started to reap the benefits from the recovery of the mass market category in Macau. Going forward, we expect the company to continue this trend given its strong brand position, long-term growth potential in Macau and its ability to navigate in a difficult operating environment. We appreciate the company's efforts to consistently enhance long-term shareholder value via dividend increases even in times of an economic downturn. This approach affirms Wynn Resorts' positive outlook and reflects confidence in its fundamentals.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Wynn Resorts Ltd. (WYNN),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment