08:20 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month price target by $26 to $126, based on 10.0x our 2024 adjusted EBITDA estimate and lower than the company's 2-year average forward EV/EBITDA multiple of 12.4x. We lift our 2024 and 2025 EPS estimates by $2.50 to $6.00 and by $2.50 to $6.50, respectively. WYNN posts normalized Q1 EPS of $1.59 vs. $0.29, $0.20 above consensus estimates on revenues of $1.86B vs. $1.42B and $63M above estimates. By property, Las Vegas revenues increased 8.4% Y/Y, Wynn Palace increased 58.8%, Wynn Macau increased 78.5%, and Encore Boston sales were flat. WYNN's adjusted property EBITDAR increased 50.4% Y/Y, led by its two Macau properties. We raise our full year EBITDA estimate to $2.4B from $2.0B as Macau performs better than anticipated and Las Vegas and Boston remain stable. We continue to like WYNN's positioning as a luxury casino operator and its exposure to China as we do believe Macau will outperform Las Vegas over the next 12 months. After a year of consolidation, we think shares are poised for a rally.