Like most Vegas-related stocks, Wynn Resorts (WYNN) is a far cry from its 52-week high of $176. However, WYNN did hit JP Morgan’s (now suspended) $115 price target after gaining 65% since July’s preliminary blowout earnings announcement.
So, JPM analyst Joseph Greff says it’s too late:
While we think fundamentals are solid in Macau [a Chinese gambling mecca] and Wynn has an excellent balance sheet with no external financing issues, we think all of these positives are currently embedded in the stock’s valuation.
JP Morgan downgrades Wynn Resorts (WYNN) from Overweight to NEUTRAL.
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