Credit Suisse Reiterates Neutral Rating, Lowers Price Target On Wynn Resorts On Cotai Delays And Limited Catalysts

In a report published Wednesday, Credit Suisse analyst Joel Simkins reiterated a Neutral rating on Wynn Resorts, Limited (NASDAQ: WYNN), but lowered the price target from $178.00 to $150.00.

In the report, Credit Suisse noted, "WYNN reported 4Q14 adjusted property EBITDA of $353m (Vegas: $111m, Macau: $241m) versus our $425m (Vegas: $135m, Macau: $290m) and the Street of $389m. WYNN continues to make headway on its Cotai project; however, mgmt. noted that the project may be delayed from in original target of Chinese New Year 2016. While a brief delay is insignificant in the long run, missing a key period of demand and increased uncertainty around approvals may keep investors on the sidelines given considerable Macau headwinds."

Wynn Resorts closed on Tuesday at $155.80.