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Wynn (WYNN) Soars 7.5%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2 min read

Wynn Resorts (WYNN) shares soared 7.5% in the last trading session to close at $65.23. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.2% loss over the past four weeks.

Shares of Wynn Resorts rallied after Credit Suisse resumed coverage of the gaming company with 'outperform' rating. Credit Suisse analyst believes WYNN as "one of the more compelling stories in gaming." The analyst's positive rating is attributable to positive trends in Vegas trends, recovery in Macau and "an attractive risk/reward" valuation.

This casino operator is expected to post quarterly loss of $1.17 per share in its upcoming report, which represents a year-over-year change of +5.7%. Revenues are expected to be $852.25 million, down 14.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Wynn, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WYNN going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Wynn belongs to the Zacks Gaming industry. Another stock from the same industry, Corsair Gaming, Inc. (CRSR), closed the last trading session 0.9% lower at $13.90. Over the past month, CRSR has returned -16.9%.

Corsair Gaming, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. Compared to the company's year-ago EPS, this represents a change of -37.5%. Corsair Gaming, Inc. currently boasts a Zacks Rank of #5 (Strong Sell).


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Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report
 
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Zacks Investment Research