The shares of casino owner Wynn Resorts (WYNN) are falling after JPMorgan downgraded the stock to Neutral from Overweight, saying that the shares’ risk/reward ratio is now “even.”

VALUATION UNATTRACTIVE: After Wynn’s stock jumped 37% this year, the shares’ risk/reward ratio is “even,” wrote JPMorgan analyst Joseph Greff. Noting that investors’ enthusiasm about Wynn’s new Macau casino, Wynn Palace, helped drive the stock higher, Greff said that the U.S.-listed shares of other Macau casino owners have dropped 9% in 2016. Additionally, Greff lowered his second quarter Macau property-level earnings before interest, taxes, depreciation and amortization estimate by 10% to $164M. The number of non-VIP gamblers in Macau has been lower than expected, the analyst explained.

LONG-TERM OUTLOOK POSITIVE: However, Wynn’s longer term outlook is “still appealing,” Greff contended. The company’s upcoming expansion in Macau, along with “steady growth” in Las Vegas and Boston, could enable it to generate significant growth, the analyst believes. The company’s earnings per share could reach $9 in 2020, he predicted. Nonetheless, Greff cut his price target on the shares to $94 from $101. WHAT’S NOTABLE: On June 14, research firm ITG Research stated that Wynn’s Q2 revenues were tracking towards $982M, versus the consensus estimate at the time of $1.02B.

OTHERS TO WATCH: Other companies that own casinos in Macau include Las Vegas Sands (LVS), MGM Resorts (MGM), and Melco Crown (MPEL).

PRICE ACTION: In morning trading, Wynn Resorts fell about 3.75% to $91.28 per share.