Macquarie analyst Chad Beynon lowered the firm’s price target on Wynn Resorts (WYNN) to $126 from $128 and keeps an Outperform rating on the shares. June Macau gross gaming revenue of $2.2B was roughly 200 basis points behind recently updated Street expectations, which the firm attributes to one-time calendar shifts from major events and a more rational promotional environment. The firm is “slightly” lowering its company estimates to account for the softer results in Macau as well as lowering its price targets for Las Vegas Sands (LVS) and Wynn, the analyst noted.
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