Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Wynn Resorts
10:40 AM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our 12-month target price by $20 to $135, on EV/EBITDA of 14.0x our '22 estimate, slightly above peers. We widen '21 loss per share estimate by $1.50 to $2.98 and set '22 EPS at $1.54. While the near-term visibility remains somewhat clouded by Covid-19 restrictions, we think WYNN's properties in Macao, as well as Las Vegas and Boston, are relatively well-positioned to benefit from a potential release of pent-up demand in H2 on the prospects of widespread vaccine availability. Meanwhile, after its November '20 acquisition of BetBull (a U.K. sports betting platform that is now part of 72%-owned Wynn Interactive), WYNN's continued forays into online sports betting could provide another long-term growth platform. Q4 adjusted loss per share of $2.45 vs. $0.62 loss, was $0.05 wider than consensus loss. Total revenue fell 59% (declines of 63% and 65% at Wynn Palace and Wynn Macau as well as 53% and 39% at Las Vegas operations and Encore Boston Harbor). Adjusted EBITDA margin was 3.3% vs. year-ago 6.7%.