Thursday, March 23, 2017

BUY: (WYNN (112.16) Wynn Resorts. Recent breakouts above Sept '16 highs (109.5) bode well for sustained base-building higher price targets.


With rising MACD momentum and 20/50 MA's, look for initial target pricing near the previous Apr '15 high of 135 areas. Higher LT price targets could reach the Feb '15 highs of 160 price area.
 Also the fundamental narrative point to WYNN is well-positioned to benefit from a recovery in gambling in Macau. According to Aegis Capital, the Macau area rebounds to a “slight easing of Beijing's anti-corruption campaign, new and higher-end casinos in Macau, and the extension of new credit, and expects Macau's total gross gaming revenue will jump 10% Y/Y in Q1 as the rebound in VIP gambling revenue in Macau likely will continue.”