What Happened?
Shares of luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) jumped 6.3% in the afternoon session after Morgan Stanley upgraded the stock's rating from Equal-weight (Hold) to Overweight (Buy) and raised the price target from $97 to $104. The new target price represents a potential 10% upside from where shares traded before the upgrade was announced.
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What The Market Is Telling Us
Wynn Resorts’s shares are not very volatile and have only had 4 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Wynn Resorts is up 2.4% since the beginning of the year, but at $96.79 per share, it is still trading 9.9% below its 52-week high of $107.46 from April 2024. Investors who bought $1,000 worth of Wynn Resorts’s shares 5 years ago would now be looking at an investment worth $894.37.
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