{"id":232237,"date":"2022-09-15T16:30:28","date_gmt":"2022-09-15T21:30:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=232237"},"modified":"2022-09-15T17:00:33","modified_gmt":"2022-09-15T22:00:33","slug":"wynn-stock-has-big-upside-potential-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/","title":{"rendered":"Wynn Stock Has Double Potential, Says Analyst"},"content":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) was Thursday\u2019s best-performing casino stock, surging 7.48% on volume that was more than double the daily average. That’s after an analyst said the shares can nearly double.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas. An analyst says Wynn stock can nearly double. (Image: Forbes<\/em>)<\/figcaption><\/figure>\n

In a note to clients today, Credit Suisse analyst Benjamin Chaiken restarted coverage of the Encore operator with an \u201coutperform\u201d rating and a price target of $117. That\u2019s nearly double where the stock closed on Wednesday, Sept. 14. Wynn finished at $65.23 today — its first close above $65 in about a month.<\/p>\n

At current levels, we think Wynn is one of the more compelling stories in gaming,\u201d<\/strong> wrote the analyst.<\/p><\/blockquote>\n

Chaiken outlines three scenarios for the casino stock. The first is a potential decline to $55, where it could find support there. The next is the more baseline-equivalent, calling for the aforementioned run to $117. Then there is “blue sky scenario,” under which Wynn stock could run to $167, or roughly 2.5x above its closing print today.<\/p>\n

Not Fixated on Macau<\/h2>\n

When it comes to evaluating Wynn stock, Macau must factor into the equation. The company is the parent of Wynn Macau, which controls two integrated resorts<\/a> in the Chinese territory.<\/p>\n

\n

In a standard operating environment, the special administrative region (SAR) drives roughly two-thirds of Wynn revenue and earnings before interest, taxes, depreciation and amortization (EBITDA). That makes the company one of the most China-sensitive non-technology corporations in the US.<\/p>\n<\/div>\n

However, nothing is standard about the Macau landscape amid ongoing coronavirus travel restrictions. Those rules are sapping gross gaming revenue (GGR) for all six concessionaires<\/a>, including Wynn. Credit Suisse\u2019s Chaiken advises investors to not fixate too much on when Macau rebounds.<\/p>\n

\u201cTo be clear, we are not fixated on an exact Macau recovery time line,\u201d he said. \u201cAs mentioned previously, we think the risk\/reward is compelling at current levels. So while the Macau recovery trajectory is admittedly unclear, we don\u2019t think investors are paying for it in the stock.\u201d<\/p>\n

Macau Recovery Could Propel Wynn Stock<\/h2>\n

Perhaps owing to the fits-and-starts nature of the Macau\u2019s COVID-19 recovery — one that hasn\u2019t come close to legitimately materializing — some investors may be discarding that as part of the Wynn equity thesis. Chaiken says at current levels, market participants aren\u2019t paying for that catalyst.<\/p>\n

\u201cWhile the Macau recovery time line is opaque, we don\u2019t think you are paying for that optionality,\u201d noted the analyst.<\/strong><\/p>\n

Beyond Macau, Wynn\u2019s other-land based casinos are its eponymous venue and Encore on the Las Vegas Strip and Encore Boston Harbor. Sin City traffic and occupancy rates are sturdy, while the operator\u2019s Boston property is breaking records.<\/p>\n

Those factors are arguably overlooked by investors, owing to Wynn\u2019s long-running Macau dependency. Additionally, current share prices may not reflect any value attributable to the company\u2019s sports wagering business<\/a>, according to Chaiken. While WynnBet may not be worth as much as market observers previously speculated, it does have some value.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) was Thursday\u2019s best-performing casino stock, surging 7.48% on volume that was more than double the daily average. That’s after an analyst said the shares can nearly double. In a note to clients today, Credit Suisse analyst Benjamin Chaiken restarted coverage of the Encore operator with an \u201coutperform\u201d rating and a price target […]<\/p>\n","protected":false},"author":46,"featured_media":232240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,10],"tags":[81913,81897,81903],"acf":[],"yoast_head":"\nWynn Stock Has Big Upside Potential, Says Analyst<\/title>\n<meta name=\"description\" content=\"Wynn stock could almost double or even flirt with nearly tripling, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Stock Has Big Upside Potential, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Wynn stock could almost double or even flirt with nearly tripling, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-15T21:30:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-15T22:00:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"829\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/\",\"name\":\"Wynn Stock Has Big Upside Potential, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/wynn.jpg\",\"datePublished\":\"2022-09-15T21:30:28+00:00\",\"dateModified\":\"2022-09-15T22:00:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn stock could almost double or even flirt with nearly tripling, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-big-upside-potential-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/wynn.jpg\",\"width\":1200,\"height\":829,\"caption\":\"Wynn and Encore Las Vegas. 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