{"id":970,"date":"2024-09-27T19:43:00","date_gmt":"2024-09-27T19:43:00","guid":{"rendered":"https:\/\/extraniceshirts.org\/?p=970"},"modified":"2024-10-01T14:43:28","modified_gmt":"2024-10-01T14:43:28","slug":"wynn-resorts-stock-extends-rally-on-morgan-stanley-upgrade","status":"publish","type":"post","link":"https:\/\/extraniceshirts.org\/index.php\/2024\/09\/27\/wynn-resorts-stock-extends-rally-on-morgan-stanley-upgrade\/","title":{"rendered":"Wynn Resorts Stock Extends Rally on Morgan Stanley Upgrade"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) stock today extended its torrid weekly pace, surging on the back of an upgrade by Morgan Stanley.<\/p>\n

\"Wynn
Wynn and Encore on the Las Vegas Strip. The operator’s stock soared today thanks to a Morgan Stanley upgrade. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

In a new report to clients, analyst Stephen Grambling boosted his rating on Wynn to \u201coutperform\u201d from \u201cequal-weight\u201d while lifting his price target to $104 from $97. That implies upside of 7.2% from where the shares currently reside. The stock hasn\u2019t closed above $100 since April. Grambling sees return of capital to shareholders as a potential catalyst for Wynn stock.<\/p>\n

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With geopolitical tensions and consumer spending fear in China abound, we believe a capital returns focus could also act as a positive catalyst by mitigating downside (improving risk-reward). WYNN will also be past the largest single year of investment spend for the UAE project in 2024, creating the opportunity to ramp up dividend further, particularly as the Macau dividend is also expected to increase,\u201d observed the analyst.<\/p>\n<\/blockquote>\n

The gaming company broke ground on Wynn Al Marjan Island — its United Arab Emirates (UAE) integrated resort — earlier this year. That project, which includes what is expected to be the region\u2019s first regulated casino, carries a price tag of $4 billion, but Wynn\u2019s share of that sum is $900 million. Analysts expect the operator can self-fund<\/a> that obligation.<\/p>\n

China Propels Wynn Stock<\/h2>\n

In late trading, shares of Wynn are up 7% on volume that\u2019s more than triple the daily average, extending the weekly rally to 21.62% while erasing year-to-date losses and turning the stock\u2019s performance positive since the start of 2024. With the help of the Friday surge, Wynn is on pace for its highest closing print since May.<\/p>\n

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China has been the primary catalyst behind renewed ebullience for Wynn stock. On Tuesday, the People\u2019s Bank of China (PBOC) cut two of its important interest rates while announcing a reduction in mortgage rates, sparking a massive rally by Chinese equities, including Macau gaming names.<\/p>\n<\/div>\n

That resurgence was fortified on Thursday when media reports surfaced that the Ministry of Finance and Ministry of Civil Affairs will soon be distributing one-off cash payments<\/a> to some segments of the Chinese population. Those moves confirmed China is willing to take the fiscal and monetary steps necessary to shore up its economy, potentially renewing global investors\u2019 confidence in the market along the way.<\/p>\n

Citing the stimulus plans and firming demand in Macau, Grambling raised his 2025 and 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) estimates on Wynn. The company is the parent of Wynn Macau, which runs two integrated resorts there.<\/strong><\/p>\n

Las Vegas Supports Wynn Outlook, Too<\/h2>\n

While Nevada gross gaming revenue (GGR) has been tepid over the past two months, Morgan Stanley\u2019s Grambling believes Wynn Las Vegas<\/a> could add to the constructive thesis on the stock.<\/p>\n

The analyst sees a transition to higher-end play on the Strip, new amenities, and the operator\u2019s investments in Wynn and Encore as factors supporting the bullish outlook on the shares.<\/strong><\/p>\n

The post Wynn Resorts Stock Extends Rally on Morgan Stanley Upgrade<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) stock today extended its torrid weekly pace, surging on the back of an upgrade by Morgan Stanley. Wynn and…<\/p>\n","protected":false},"author":1,"featured_media":972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/970"}],"collection":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/comments?post=970"}],"version-history":[{"count":2,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/970\/revisions"}],"predecessor-version":[{"id":973,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/970\/revisions\/973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media\/972"}],"wp:attachment":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media?parent=970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/categories?post=970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/tags?post=970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}