Wynn's stock suffers biggest drop in 13 months, but Stifel recommends being 'aggressive buyers'

Shares of Wynn Resorts Ltd. (WYNN) took a 7.7% hit in morning trading Friday, after the casino operator beat third-quarter earnings expectations, but Wynn Macau Ltd. (WYNMY) (HK:1128), of which the company owns 72%, reported disappointing results. Wynn's stock was headed for the lowest close since Dec. 30, 2022. The stock was also on track for the biggest one-day decline since it tumbled 12.3% on Oct. 10, 2022, according to Dow Jones Market Data, and for the worst weekly performance -- down 9.8% -- since the week ended Oct. 14, 2022. It was also the second-worst performer in the S&P 500 on Friday. Meanwhile, Wynn Macau's U.S.-listed stock slumped 9.6%. Stifel analyst Steven Wieczynski cut this price target on Wynn's stock to $125 from $135 but kept his rating at buy, and recommended being "aggressive buyers" on Friday's selloff, as the stock represents a "compelling alternative" for those concerned about the health of the U.S. consumer. Over the past three months, Wynn shares have dropped 19.7% and Wynn Macau's stock has shed 23.3%, while the S&P 500 has lost 2.5%.

-Tomi Kilgore

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11-10-23 1051ET

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