Wynn's stock suffers biggest drop in 13 months, but Stifel recommends being 'aggressive buyers'
Shares of Wynn Resorts Ltd. (WYNN) took a 7.7% hit in morning trading Friday, after the casino operator beat third-quarter earnings expectations, but Wynn Macau Ltd. (WYNMY) (HK:1128), of which the company owns 72%, reported disappointing results. Wynn's stock was headed for the lowest close since Dec. 30, 2022. The stock was also on track for the biggest one-day decline since it tumbled 12.3% on Oct. 10, 2022, according to Dow Jones Market Data, and for the worst weekly performance -- down 9.8% -- since the week ended Oct. 14, 2022. It was also the second-worst performer in the S&P 500 on Friday. Meanwhile, Wynn Macau's U.S.-listed stock slumped 9.6%. Stifel analyst Steven Wieczynski cut this price target on Wynn's stock to $125 from $135 but kept his rating at buy, and recommended being "aggressive buyers" on Friday's selloff, as the stock represents a "compelling alternative" for those concerned about the health of the U.S. consumer. Over the past three months, Wynn shares have dropped 19.7% and Wynn Macau's stock has shed 23.3%, while the S&P 500 has lost 2.5%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-10-23 1051ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Q2 Earnings Season Begins With the Banks
-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
SolarEdge Stock Is Down 74% In 2024. Is It a Buy or a Sell?
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services