Casino stock Wynn Resorts (NASDAQ:WYNN) picked up steam today thanks to a newly minted analyst report. Mizuho Securities recently started coverage of Wynn and gave it a Buy rating. That was more than enough for investors, who bought big, sending shares up over 2.5% in Thursday afternoon’s trading.
Mizuho, via analyst Ben Chaiken, applauded Wynn for a combination of factors. The first was the ongoing pattern of growth in Macau, as the Chinese government appears to have abandoned COVID-19 restrictions altogether in favor of a plan that might not actually cripple its own economy.
Plus, with Las Vegas expanding its convention center, that’s likely to mean a little more growth for Vegas and give Wynn a share of that expanded pie accordingly. Indeed, Wynn properties seem to do a little better than the average, which should give it a slightly bigger slice than competitors will get of that expanded pie.
Stepping Up the Allure
Some new plans should also help draw those customers in. For instance, the Wynn Las Vegas will soon be host to a new “restaurant residency” as chef Alon Shaya pulls into Safta 1964, which will focus on Mediterranean dining with vegan and vegetarian options. Meanwhile, a hometown boy, Ne-Yo, is poised to return to Vegas’ Encore Theater this August. The combination of new restaurants and shows should drive at least some customers Wynn’s way and hopefully fulfill the prophecy from Mizuho.
Is Wynn Stock a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on WYNN stock based on seven Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 1.69% increase in its share price over the past year, the average WYNN price target of $116.82 per share implies 7.08% upside potential.
