{"id":312350,"date":"2024-02-28T14:02:31","date_gmt":"2024-02-28T20:02:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=312350"},"modified":"2024-02-29T11:31:26","modified_gmt":"2024-02-29T17:31:26","slug":"wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/","title":{"rendered":"Wynn Resorts Stock Has Look of Value Play, Says JPMorgan Analyst"},"content":{"rendered":"

Shares of Wynn Resorts (NASDAQ: WYNN) are higher by 12.8% year to date, an advantage of more than 600 basis points over the S&P 500. But that doesn\u2019t mean the gaming stock lacks value traits.<\/p>\n

\"Wynn
Wynn and Encore on the Las Vegas Strip. A JPMorgan analyst says the stock offers value. (Image: Luxury Lifestyle Magazine<\/em>)<\/figcaption><\/figure>\n

In fact, at least one analyst views Wynn as a value play. JPMorgan analyst Joseph Greff extolled such sentiment in a new report to clients. He reiterated an \u201coverweight\u201d rating on the casino stock, while lifting his price target to $123 from $118. That implies upside of about 19.5% from current levels.<\/p>\n

(That) takes into account China macro and geopolitical risks, a potential incrementally positive shift in investor sentiment with respect to Macau\/China invest-ability, and an underappreciated development pipeline,\u201d<\/strong> wrote Greff.<\/p><\/blockquote>\n

Macau is Wynn\u2019s largest operating market<\/a>, and its Wynn Macau unit runs two integrated resorts in the special administrative region (SAR). Recent data indicates that in the Chinese territory, Wynn Macau and Wynn Palace have recently swiped incremental market share from some larger rivals, helped by a strong pivot to premium mass customers.<\/p>\n

Wynn Pipeline Underappreciated<\/h2>\n

As Greff observed, investors aren\u2019t yet fully appreciating Wynn\u2019s product pipeline, which is largely comprised of Wynn Al Marjan Island in the United Arab Emirates (UAE), a project on which construction recently started<\/a>.<\/p>\n

\n

Investors\u2019 lack of enthusiasm for that project may be partially attributable to concerns regarding official approval of casino gaming in the UAE\u00a0 — worries that were heightened with MGM Resorts International (NYSE: MGM) recently saying its UAE hotel won’t feature a casino. However, Wynn is confident that gaming will be permitted there.<\/p>\n<\/div>\n

Should that happen, Wynn Al Marjan Island would be home to the first regulated gaming floor in the Arab world, and will likely hold a quasi-monopoly for several years because of its head start. That\u2019s enviable positioning in a wealthy, tourist-heavy region.<\/p>\n

Greff said the UAE project could represent as much as $10 of upside to Wynn\u2019s stock price. Wynn\u2019s pipeline also consists of an effort to land a New York gaming license<\/a>. But it could be months before more clarity on that emerges.<\/p>\n

Wynn Cash Flow Outlook Sturdy<\/h2>\n

Wynn expects to generate $238 million in cash flow from its Las Vegas Strip venues in the current quarter — a forecast Greff views as attainable.<\/p>\n

\u201cLas Vegas remains super strong at the high end, which is WYNN\u2019s sweet spot,\u201d he noted.<\/p>\n

\n

Greff added that Wynn Macau\u2019s first-quarter cash flow could be $313 million, as estimated by the operator. That\u2019s ahead of the $304 million Wall Street forecast. But the JPMorgan analyst said neither estimate is overly aggressive.<\/p>\n<\/div>\n

Increased cash flow could support Wynn\u2019s efforts to return capital to shareholders, including via buybacks and potentially, higher dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Wynn Resorts (NASDAQ: WYNN) are higher by 12.8% year to date, an advantage of more than 600 basis points over the S&P 500. But that doesn\u2019t mean the gaming stock lacks value traits. In fact, at least one analyst views Wynn as a value play. JPMorgan analyst Joseph Greff extolled such sentiment in […]<\/p>\n","protected":false},"author":46,"featured_media":259477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nWynn Resorts Stock Has Value Traits, Says JPMorgan Analyst<\/title>\n<meta name=\"description\" content=\"Wynn Resorts Stock Has Look of Value Play, Says JPMorgan 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-resorts-stock-has-value-traits-says-jpmorgan-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Stock Has Value Traits, Says JPMorgan Analyst\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts Stock Has Look of Value Play, Says JPMorgan Analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-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=\"2024-02-28T20:02:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-29T17:31:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1368\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\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-resorts-stock-has-value-traits-says-jpmorgan-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/\",\"name\":\"Wynn Resorts Stock Has Value Traits, Says JPMorgan Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn-1.jpg\",\"datePublished\":\"2024-02-28T20:02:31+00:00\",\"dateModified\":\"2024-02-29T17:31:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts Stock Has Look of Value Play, Says JPMorgan Analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-has-value-traits-says-jpmorgan-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/wynn-1.jpg\",\"width\":1368,\"height\":628,\"caption\":\"Wynn and Encore on the Las Vegas Strip. 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