Published on: September 18, 2025, 03:38h.
Updated on: September 18, 2025, 03:41h.
- Stock performance is impressive, but analysts expect further gains
- Wynn could still be viewed as a value proposition
Wynn Resorts (NASDAQ: WYNN) shares have surged by nearly 48% year-to-date, with nearly all of that growth occurring in the past 90 days. Although the stock is nearing its 52-week peak, further gains may still be on the horizon.
This perspective comes from Stifel analyst Steven Wieczynski, who reaffirmed a “buy” rating on the shares while adjusting his price target to $145, indicating a potential 20% upside from current prices. Driven by a resurgence in Macau and newfound clarity regarding its United Arab Emirates (UAE) venture, Wynn’s stock has more than doubled from its post-Liberation Day lows, yet indications suggest room for short-term growth remains.
“We see several potential catalysts on the horizon that should propel the stock further over the next six to twelve months,” notes Wieczynski. “The current valuation is still underwhelming and fails to reflect the ongoing recovery in Macau, in our view.”
Wieczynski contends that Macau’s recovery in 2025 has been remarkable, arguing Wynn’s current valuation signals overly pessimistic views from market players regarding the long-term gross gaming revenue (GGR) prospects for the region. He emphasizes that Wynn’s strategy focusing on premium mass customers and VIPs represents a sustainable long-term approach.
Assessing Wynn’s Stock Valuation
The Stifel analyst provides a comprehensive argument as to why Wynn shares might still be undervalued, even after recent gains.
The stock recently closed just below $129. Wieczynski assigns a valuation of $55 per share to Wynn’s Las Vegas properties and adds $3 for the company’s unused land in the city. The Encore Boston Harbor is valued at an additional $10 per share, while the UAE casino resort is estimated at $18 to $25 per share—taking the midpoint at $20—and the Macau royalty stream adds another $11 per share. This totals $99, suggesting that Wynn’s two Macau locations account for just $30 of the current share price.
Clearly, this is understated since Wynn Macau (HK1128) generates the majority of the parent company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) and revenue.
“Irrespective of the pricing environment one envisions for Macau, it’s inconceivable that their Macau assets can only warrant ~$20/share,” Wieczynski comments. “That perspective simply doesn’t hold up. To maintain our sanity, if we subtract Wynn’s stake in HK1128 from the current ~$12.7 billion market cap, the remaining valuation of non-Macau assets averages about $90/share, implying that their Macau assets should be valued at no less than $30/share. This straightforward analysis seems overlooked by investors, but eventually, there must be some value attributed to their Macau assets exceeding $20/share.”
Future Catalysts for Wynn’s Stock
The analyst emphasizes that Wynn has several potential catalysts set to unfold within the next six to twelve months. This includes a series of UAE investor presentations scheduled for December. It is unlikely that the company would invest time and resources into these events unless the outcomes are anticipated to be favorable. Wieczynski also notes that initial EBITDA projections for the UAE could be optimistic.
Additional catalysts the analyst mentions include Wynn’s capability to extract greater profitability from its Macau operations, as well as its relative insulation from the broader negative sentiment plaguing the Las Vegas casino landscape.
“We firmly believe that WYNN presents an excellent buying opportunity among the frequently overlooked or undervalued stocks within our coverage,” concludes Wieczynski. “With multiple catalysts approaching and potential upside to our cautiously optimistic forecasts, we advocate for aggressive purchases of WYNN shares at the present level, as we consider the risk versus reward to be exceedingly favorable.”