Wynn Resorts price target lowered to $122 from $125 at Wells Fargo

Wells Fargo analyst Daniel Politzer lowered the firm’s price target on Wynn Resorts (WYNN) to $122 from $125 and keeps an Overweight rating on the shares. The firm notes Q3 EBITDA was 3%-4% below its and Street’s estimates on downside Las Vegas and Macau, with no material one-offs to note. While Wells acknowledges the setup is tough, it stays bullish on valuation, capital return, and growth optionality.