UBS analyst, Robin Farley, downgrades Wynn Resorts, Limited (NASDAQ:WYNN) from Buy to Neutral upon valuation.

According to the analyst, “We are downgrading Wynn to Neutral from Buy, as we believe the stock at these higher levels reflects improving trends in Macau, decent opening for Wynn Palace and potential for positive GGR comps in Macau by Q4’16.”

The analyst has a more cautious outlook for Macau and more cautious estimate revisions for Wynn. She expects Macau’s gross gaming revenue to turn positive in Q4’16, which implies a slower rate of recovery in GGR.

TipRanks shows that Robin Farley is ranked #430 of 4,057 analysts. She maintains a success rate of 62% and realizes an average annual profit of 9.8%.