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Wynn Resorts, Limited (NASDAQ:WYNN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Friday. They currently have a $223.00 target price on the stock. Zacks‘s price target would suggest a potential upside of 5.23% from the stock’s previous close.

Zacks’ analyst wrote, “Despite strong first quarter results, we revert to a Neutral recommendation on Wynn Resorts from Outperform owing to broader macro pressures in the countries where it operates. Adjusted earnings of $2.32 per share comfortably surpassed the Zacks Consensus Estimate of $2.11 and increased 14.3% year over year owing to top-line growth. Net revenue grew 9.8% year over year and beat the Zacks Consensus Estimate on the back of solid business in Macau. However, sustained weaknesses in demand in the U.S and credit growth concerns in China led to the downgrade. Moreover, China’s crackdown on illegal money transfers, tighter restrictions on visas and an impending smoking ban continue to remain concerns. Further, stiff competition and limited diversity also act as headwinds for the company. “

Wynn Resorts, Limited (NASDAQ:WYNN) traded up 0.13% during mid-day trading on Friday, hitting $211.91. 672,460 shares of the company’s stock traded hands. Wynn Resorts, Limited has a 52 week low of $125.42 and a 52 week high of $249.31. The stock has a 50-day moving average of $205.7 and a 200-day moving average of $211.. The company has a market cap of $21.365 billion and a P/E ratio of 28.63.

Wynn Resorts, Limited (NASDAQ:WYNN) last released its earnings data on Thursday, May 1st. The company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.25. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company posted $2.03 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts predict that Wynn Resorts, Limited will post $8.76 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on WYNN. Analysts at Buckingham Research initiated coverage on shares of Wynn Resorts, Limited in a research note on Friday, June 27th. They set a “buy” rating and a $255.00 price target on the stock. Separately, analysts at FBR Capital Markets cut their price target on shares of Wynn Resorts, Limited from $235.00 to $215.00 in a research note on Wednesday, June 25th. They now have a “market perform” rating on the stock. Finally, analysts at Susquehanna cut their price target on shares of Wynn Resorts, Limited from $268.00 to $239.00 in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Wynn Resorts, Limited has a consensus rating of “Buy” and an average target price of $225.84.

Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts. The Company owns and operates two destination casino resorts.

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