Shares of Wynn Resorts, Limited (NASDAQ:WYNN) started the new year on a positive note, with a sharp upturn in early trading on Tuesday.
The company is poised to benefit from Macau’s reopening and its VIP recapture opportunity, according to Wells Fargo.
The Wynn Resorts Analyst: Daniel Politzer upgraded Wynn Resorts from Equal Weight to Overweight while raising the price target from $74 to $101.
The Wynn Resorts Takeaways: The stock does not reflect the company’s potential to recapture most or all of its 2019 VIP EBITDA, “despite the absence of junkets, through direct VIP/premium mass play,” Politzer said in the upgrade note.
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“WYNN is highly levered to Macau’s GGR recovery, now more palpable post China’s policy pivot, and representing the best growth opportunity in Gaming,” the analyst said.
The company’s “smaller scale and premium mass offering should allow for a speedy recovery,” he said.
“We include WYNN on our Tactical Ideas list for 1Q23, as we believe company-specific catalysts should drive stock outperformance during the quarter,” Politzer said.
WYNN Price Action: Shares of Wynn Resorts were trading 3.73% higher at $85.55 Tuesday morning.
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