What Happened?
Shares of luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) jumped 4.1% in the afternoon session after the compay was added to Goldman Sachs' 'Conviction Buy' list, with the firm citing strength in its Las Vegas business and improvements in the Macau region. The investment firm maintained its Buy rating and set a price target of $145 per share. Goldman's positive view on Macau was supported by data showing the region's gaming revenue grew 14.4% in November compared to the previous year, marking the tenth straight month of gains. The encouraging analyst note and strong Macau performance helped send shares toward their multi-year highs during the session.
After the initial pop the shares cooled down to $133.50, up 3.7% from previous close.
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What Is The Market Telling Us
The previous big move we wrote about was 7 days ago when the stock gained 3.4% on the news that Citigroup upgraded the company's stock to 'Buy' from 'Neutral' and significantly increased its price target. The analyst firm boosted its price view on the shares to $160.00 from a previous $124.50. This adjustment represented a notable increase in the target price, signaling a more bullish outlook on the company's potential performance. The positive sentiment may also have been influenced by Wynn's large-scale projects, including the highly anticipated $5.1 billion Wynn Al Marjan Island resort. The resort, which will feature the UAE's first-ever casino, was scheduled to open in early 2027.
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