{"id":266789,"date":"2023-03-29T19:35:08","date_gmt":"2023-03-30T00:35:08","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=266789"},"modified":"2023-03-29T19:35:08","modified_gmt":"2023-03-30T00:35:08","slug":"wynn-stock-has-several-areas-for-added-upside","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/","title":{"rendered":"Wynn Resorts Has Multiple Upside Catalysts, Says Analyst"},"content":{"rendered":"

Shares of Wynn Resorts (NASDAQ: WYNN) are higher by 32.23% year-to-date, good for one of the best performances among gaming equities. A sell-side analyst believes the operator can generate more upside.<\/p>\n

\"Macau
The Wynn Macau integrated resort. An analyst sees plenty of drivers of upside for Wynn stock. (Image: Getty Images)<\/figcaption><\/figure>\n

In a new report to clients, Deutsche Bank analyst Carlo Santarelli reiterated a \u201cbuy\u201d rating on the gaming stock while boosting his price target on the name to $134 from $128. That implies upside of almost 23% from today\u2019s close at $109.05.<\/p>\n

Following a scintillating start to 2023<\/a>, Wynn shares are higher by just 0.63% over the past month, indicating lethargy and pensiveness on behalf of market participants. Santarelli sees things differently.<\/p>\n

Investors are potentially taking the view that too much has been priced in too soon, hence the recent malaise in the shares. While this could surely prove accurate, given the risk of a U.S. recession and the uncertainty of the shape and ultimate destination of the ramp in Macau, we believe WYNN shares are already pricing in some fundamental disruptions,\u201d wrote the analyst.<\/p><\/blockquote>\n

Santarelli\u2019s $134 price objective on Wynn is well above the Wall Street consensus of $119.40 and he\u2019s one of eight analysts with a \u201cstrong buy\u201d or \u201cbuy\u201d rating on the stock.<\/strong><\/p>\n

\u2018Meaningful Upside\u2019 Left, UAE Could Contribute<\/h2>\n

While Wynn is on a torrid pace to start 2023, Santarelli believes there\u2019s still \u201cmeaningful upside\u201d left in the name and that there are multiple drivers of that potential appreciation.<\/p>\n

\n

Those include the operator\u2019s casino resort project on Al-Marjan Island<\/a> in the United Arab Emirates (UAE), on which ground was broken last week. Perhaps owing to the fact that the Arab world has no regulated gaming properties — the Wynn venue will be the first — investors aren\u2019t adequately appreciating the potential benefits Wynn will garner from the UAE venture.<\/p>\n<\/div>\n

Santarelli concurred, noting it\u2019s something that \u201cwe do not believe to be reflected in the shares at present.\u201d By his estimates, the UAE project could be a significant driver of positives for Wynn stock.<\/p>\n

\u201cWe believe this project could be worth $10-$14 per share in present equity value, with little, if any, value currently embedded in shares,\u201d added the analyst.<\/p>\n

Macau Benefits for Wynn<\/h2>\n

With the UAE venue slated to open in 2027, it\u2019s understandable that Wynn investors may not be placing too emphasis on how that property will affect the share price. In terms of what\u2019s in currently in Wynn\u2019s portfolio, its pair of Macau integrated resorts are contributing mightily to the stock\u2019s 2023 upside.<\/p>\n

Analysts expect the operator to post 2023 revenue that\u2019s 66% of what was seen in 2019, prior to the coronavirus pandemic, and earnings before interest, taxes, depreciation, and amortization (EBITDA) that\u2019s 73% of 2019 levels, but there\u2019s potential for those percentages to beat forecasts because Wynn is grabbing market share<\/a> from Macau rivals.<\/p>\n

\u201cIn a gaming sector in which the risk of negative revisions for the domestic casino operators remains an overhang, we believe equity exposure to the growth and favorable revision potential of Macau remains prudent,\u201d concluded Santarelli.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Wynn Resorts (NASDAQ: WYNN) are higher by 32.23% year-to-date, good for one of the best performances among gaming equities. A sell-side analyst believes the operator can generate more upside. In a new report to clients, Deutsche Bank analyst Carlo Santarelli reiterated a \u201cbuy\u201d rating on the gaming stock while boosting his price target […]<\/p>\n","protected":false},"author":46,"featured_media":254065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,81883],"tags":[81913,81903,82205],"acf":[],"yoast_head":"\nWynn Stock Has Several Areas For Added Upside<\/title>\n<meta name=\"description\" content=\"Wynn stock has multiple avenues through which it can add gains, 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-several-areas-for-added-upside\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Stock Has Several Areas For Added Upside\" \/>\n<meta property=\"og:description\" content=\"Wynn stock has multiple avenues through which it can add gains, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/\" \/>\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=\"2023-03-30T00:35:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wm-1-1024x642.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"642\" \/>\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-several-areas-for-added-upside\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/\",\"name\":\"Wynn Stock Has Several Areas For Added Upside\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wm-1.jpg\",\"datePublished\":\"2023-03-30T00:35:08+00:00\",\"dateModified\":\"2023-03-30T00:35:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn stock has multiple avenues through which it can add gains, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-has-several-areas-for-added-upside\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wm-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wm-1.jpg\",\"width\":2482,\"height\":1556,\"caption\":\"The Wynn Macau integrated resort. Premium mass betting is trending higher there. 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