Investing

KeyBanc Downgrades Wynn Resorts (WYNN) to Underweight

KeyBanc downgrades Wynn Resorts (NASDAQ: WYNN) from Hold to Underweight with a price target target of $21, after announcing substantial labor cost cutting initiatives for its Las Vegas properties.

KeyBanc analyst says, "After the close WYNN announced substantial labor cost cutting initiatives for its Las Vegas properties. This is the first time we can ever remember this management team taking such drastic measures. In addition, on a conference call Steve Wynn commented that spending (labor, marketing, promotions, etc.) on the Encore opening was of a magnitude consistent with a boom time economy.

Read more…

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.