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Cantor Fitzgerald Starts Wynn Resorts as a “Buy”; Says Pullback Creates Buying Opportunity (WYNN)

By Dividend.com,  July 10, 2012, 08:29:00 AM EDT

Casino resort operator Wynn Resorts, Limited ( WYNN ) on Tuesday caught some bullish commentary from analysts at Cantor Fitzgerald.

The firm initiated coverage on WYNN with a "Buy" rating and $134 price target, suggesting a 34% upside to the stock's Monday closing price of $100.01.

A Cantor Fitzgerald analyst commented, "Wynn owns and operates best-in-class integrated casino resorts in Macau and Las Vegas and has a strong balance sheet and track record of paying out big dividends…Wynn shares are off 20% since mid April on concerns of a slowdown in Macau and a dispute with long-time shareholder Kazuo Okada. At current prices, the market is valuing Wynn's assets at less than 10x EBITDA and giving it no credit for its Cotai project."

Wynn Resorts shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Wynn Resorts ( WYNN ) have a 2.00% dividend yield, based on last night's closing stock price of $100.01. The stock has technical support in the $91-$94 price area. If the shares can firm up, we see overhead resistance around the $108-$110 price levels.

Wynn Resorts, Limited ( WYNN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: WYNN



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