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Goldman Downgrades Wynn Resorts On Challenges At Its Macau Unit - TipRanks Financial Blog
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Goldman Downgrades Wynn Resorts On Challenges At Its Macau Unit

Goldman Sachs downgraded Wynn Resorts to Hold from Buy on September 6 and lowered the price target to $95 (8.3% upside potential) from $96. Goldman also removed the stock from its Conviction List, citing slower recovery at the company’s Macau unit.

Goldman analyst Stephen Grambling has lowered his 2021 forecasts for the Macau unit as he expects softer VIP gaming revenues in 2021. The recent run-up in Wynn Resorts shares in August also led to the downgrade.

Wynn Resorts Limited’s (WYNN) dependency on Macau’s gaming market is seen as a challenge. Last month, the casino operator reported 2Q results, wherein the gross gambling revenue across Macau was down nearly 95% year-over-year in July, which was the fourth straight month with revenue declining over 90%.

Wynn Resorts reported a loss of $6.14 per share, missing the Street estimates of $4.98. Its revenues of $85.7 million were also far below the consensus estimate of $275.8 million. The disappointing numbers were the result of casino closures amid the pandemic and depressed business and leisure travel. (See WYNN stock analysis on TipRanks).

Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 9 Buys and 4 Holds. The average price target of $92.67 implies upside potential of 5.6% to current levels. Shares are down by 36.8% year-to-date.

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Amit Singh
Amit Singh has over eight years of strong experience (both sell-side and buy-side) in analyzing financial reports and filings as well as identifying strategic investment opportunities. Over the years, Amit has covered various industries and geographies, with a primary focus on consumer staples and the consumer discretionary sector. Amit’s background spans evaluating company portfolios, building complex financial models, writing financial articles, and identifying the overall financial worth of companies. He has a post-graduate diploma in finance.

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