Casino Stock Slides Following Re-Opening Plan

Analysts are still quite bullish on Wynn stock

Deputy Editor
Apr 20, 2020 at 10:20 AM
facebook X logo linkedin

Shares of Wynn Resorts Ltd (NASDAQ:WYNN) are down 2.9% to trade at $76.16 this morning, after CEO Matt Maddox over the weekend called for a conditional re-opening plan for the Las Vegas Strip in mid-to-late May. Following the news, Instinet cut its price target from $117 to $87, though it kept its "buy" rating. The analyst, Harry Curtis, cited the anticipated long recovery period for the company. 

Wynn has found recent pressure at the $80 day region as it attempts to rebound from its March 18 record low of $35.84, leaving the equity down 45% year-to-date. However, Wynn last week just closed above its 40-day moving average for the first time since late January and is up 49% in the last month. 

Analysts are bullish coming into today, with seven "strong buys" and the remaining three sporting a tepid "hold." Meanwhile, the 12-month consensus target price of $115.38 is a 49.6% premium to current levels. 

In the options pits, puts have picked up in popularity. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1.26 puts have been bought for every call in the past five weeks. This ratio sits in the 99th percentile of its annual range, suggesting the appetite for puts is higher than usual. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI