- Union Gaming lowers Wynn Resorts (WYNN +2.3%) to a Hold rating from Neutral as it takes a cautious view on the near term for more share price gains.
- "We are lowering our 2020 estimates to account for a longer ramp at Encore Boston. Our $135 price target remains unchanged and represents a 12.9x multiple of our 2020 Consolidated Adjusted EBITDA estimate of $1,999m. With growing valuation support, particularly for Las Vegas assets, and our estimates now right-sized, we feel comfortable valuing the company closer to its historical average multiple," writes analyst John DeCree.
- Union Gaming's price target of $135 on Wynn is below the average sell-side PT of $133.22.