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Pro Analysis

After 30% run, Wynn Resorts rally is over: JPMorgan

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After surging by more than 30 percent, Wynn Resorts shares are likely to be flat for the next year, according to JPMorgan, which downgraded the high-end hotel and casino operator to neutral from overweight.

"The stock looks fairly valued on our new/lower Macau operating estimates," JPMorgan's Joseph Greff said in a note Thursday to clients. "This is a valuation call."

Here's what has the analyst concerned.