U.S. Markets open in 7 hrs 46 mins

Wynn Resorts Okada stake redemption a distinct positive, says Deutsche Bank

Deutsche Bank says Wynn Resorts has in effect repurchased 20% of its outstanding stock at a 30% discount to the current market value by redeeming director Okada's stake. The firm views the deal as a distinct positive and expects it to be 17% accretive to earnings. Deutsche thinks the deal will add $17 to its $148 price target and keeps a Buy rating on Wynn Resorts shares.