JPMorgan raised the firm’s price target on Wynn Resorts to $123 from $118 and keeps an Overweight rating on the shares. Coming out of the Q4 earnings season, the analyst thinks Wynn represents one of the more compelling risk-rewards in the firm’s coverage universe. JPMorgan sees “reasonable/undemanding” near-term earnings estimates, a much lower than historical valuation, which it says takes into account China macro and geopolitical risks, and a potential incrementally positive shift in investor sentiment with respect to Macau invest-ability.
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