Wynn Resorts (WYNN) Stock Slumps on Ratings Downgrade
NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) - Get Report are sliding 0.77% to $94.15 in pre-market trading on Thursday following a ratings downgrade to "neutral" from "overweight" in a note released at JPMorgan earlier today.
The firm cut its price target on shares of the Las Vegas-based casino operator to $94 from $101.
Wynn's valuation is less attractive following the stock's 37% run so far this year, JPMorgan said in a note cited by the Fly.
The firm also cut its operating estimates for Chinese gambling hub Macau.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.
Wynn Resorts' strengths such as its increase in net income, good cash flow from operations and expanding profit margins are countered by the fact that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: WYNN
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.