Nomura raised its target price for Wynn Macau (Hong Kong stock code 1128) to HK$17 from HK$16.5, but downgraded the stock to Neutral from Buy. It noted Wynn Macau’s strong branding, unique product, quality management and superior track record. But amid keener VIP competition from commission hikes, the house believes Wynn’s market share could be under pressure as its commission is among the lowest. While operators should focus on bottom line over short-term market share gain as a sustainable model, Wynn’s share price prospects could be capped by the market’s focus on market share.