Morgan Stanley rated WYNN MACAU as Overweight primarily due to its expectations for future performance, despite the company's recent underperformance in EBITDA compared to market expectations and its peers. The report indicates that while WYNN MACAU's 4Q25 property EBITDA fell, the adjusted EBITDA was in line with the broker's expectations. Additionally, the firm likely sees potential for recovery or growth in the future, as indicated by the target price of HKD7.4, despite acknowledging the challenges posed by higher capital expenditures and reduced free cash flow.
