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Morgan Stanley has adjusted its price target for Wynn Resorts to $100 from $103 while maintaining an overweight rating. Wynn Resorts operates four hotel-casinos, with net sales primarily from casino operations (59.8%), followed by restaurants and bars (15%), and hotel services (17.4%). Geographically, sales are split between the United States (51.7%) and Macau (48.3%).
Billionaire Tilman Fertitta has increased his stake in Wynn Resorts to 9.9%, becoming the largest individual shareholder, as the company's stock rose 9% following the news. Despite a long history of volatility, Wynn's stock has gained roughly 57% over the past two decades, significantly lagging behind competitors like Marriott and Hilton. Fertitta, who also owns the Houston Rockets and several Golden Nugget casinos, is planning a new casino resort on the Las Vegas Strip while Wynn faces scrutiny over its performance and future development plans.
Tilman Fertitta, who holds a 9.9% stake in Wynn Resorts Ltd., is dissatisfied with the company's performance and share price. He believes Wynn management is failing to effectively communicate its performance to investors and sees potential for brand expansion, especially in the US.
Stock futures were flat ahead of the U.S. presidential election, with the Dow slipping 17 points and S&P 500 futures down slightly. Palantir surged 13% on strong earnings, while NXP Semiconductors fell over 5% due to a weak outlook. Market volatility is expected as investors await election results and the Federal Reserve's rate decision.
Stock futures dipped as investors prepared for the U.S. presidential election, with Dow futures down 0.2% and S&P 500 futures slightly lower. The election's outcome could significantly impact market direction, particularly regarding congressional control, while traders anticipate a 96% chance of a Federal Reserve rate cut. Earnings season continues, with about 70% of reported results exceeding estimates.
Wynn Resorts, Limited
Companies
| Symbol | WYNN |
| Name | Wynn Resorts, Limited |
| Currency | USD |
| Sector | Consumer Discretionary |
| IndustryGroup | Consumer Services |
| Industry | Hotels, Restaurants & Leisure |
| Market | NASDAQ Global Select |
| Country | United States |
| State | NV |
| City | Las Vegas |
| Zipcode | 89109 |
| Website | http://www.wynnresorts.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Morgan Stanley lowers price target for Wynn Resorts to 100 dollars
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fertitta becomes largest shareholder in wynn resorts with 9.9 percent stake
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