Mizuho starts Wynn Resorts at Buy on ‘compelling valuation’

Mizuho analyst Ben Chaiken initiated coverage of Wynn Resorts with a Buy rating and $131 price target. The analyst sees opside to estimates in Macau as the market recovers, and as Wynn’s properties display better than expected operating leverage, primarily at Wynn’s Peninsula asset. The firm also expects continued growth in Las Vegas, fueled by the expansion of the convention center, allowing Wynn to further optimize rates. The stock trades at a “compelling valuation,” the analyst tells investors in a research note.