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Wynn Resorts stock rallies after J.P. Morgan sees 'buying opportunity'
Wynn Resorts stock rallies after J.P. Morgan sees 'buying opportunity'
Shares of Wynn Resorts Ltd. rallied 1.4% in premarket trade Monday, after J.P. Morgan analyst Joseph Greff reiterated his overweight rating on the casino operator, saying he views the recent weakness as a buying opportunity. He also kept his price target at $191, which is 49% above Friday's closing price of $128.38. The stock rose 0.4% on Friday after tumbling 14% over the previous five sessions to close Thursday at a 13-month low. After hosting investor meetings with Wynn Chief Financial Officer Craig Billings, Greff said there appears to be a "disconnect" between fundamentals and current investor sentiment, which is extremely negative on Macau and the Las Vegas strip. "While there was nothing incrementally new/positive coming out of these meetings, there was, importantly, also nothing incrementally negative on Macau or LV Strip operating trends," Greff wrote in a note to clients. The stock has tumbled 24% year to date through Friday, while the S&P 500 has gained 7.4%.
https://finance.yahoo.com/m/9c07c6a...f1e/wynn-resorts-stock-rallies.html?.tsrc=rss
Wynn Resorts stock rallies after J.P. Morgan sees 'buying opportunity'
Shares of Wynn Resorts Ltd. rallied 1.4% in premarket trade Monday, after J.P. Morgan analyst Joseph Greff reiterated his overweight rating on the casino operator, saying he views the recent weakness as a buying opportunity. He also kept his price target at $191, which is 49% above Friday's closing price of $128.38. The stock rose 0.4% on Friday after tumbling 14% over the previous five sessions to close Thursday at a 13-month low. After hosting investor meetings with Wynn Chief Financial Officer Craig Billings, Greff said there appears to be a "disconnect" between fundamentals and current investor sentiment, which is extremely negative on Macau and the Las Vegas strip. "While there was nothing incrementally new/positive coming out of these meetings, there was, importantly, also nothing incrementally negative on Macau or LV Strip operating trends," Greff wrote in a note to clients. The stock has tumbled 24% year to date through Friday, while the S&P 500 has gained 7.4%.
https://finance.yahoo.com/m/9c07c6a...f1e/wynn-resorts-stock-rallies.html?.tsrc=rss
