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Wynn Resorts (WYNN) Stock Price Target Slashed at Credit Suisse, Jim Cramer's View

NEW YORK (TheStreet) -- Wynn Resorts (WYNN - Get Report) price target was slashed to $76 from $105 at Credit Suisse on Friday morning.The firm maintained its "neutral" rating on the stock.

The casino operator missed analysts' adjusted property earnings estimates for the 2015 third quarter, and the company has "significant" exposure to the financially unsound gaming hub Macau, Credit Suisse said in an analyst note. Macau has been negatively affected by China's broader economic downturn and an anti-corruption campaign driving away VIP gamblers.

Although Wynn Palace, scheduled to open on March 25, 2016, could help the company contend with the struggling casino market, it will not outweigh top line weakness, the firm...


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