Morgan Stanley analyst Stephen Grambling upgraded Wynn Resorts to Overweight from Equal Weight with a price target of $104, up from $97, representing 25% upside. Wynn’s “near low” valuation, “underappreciated” growth opportunity in the United Arab Emirates, and optionality around Macau provide a favorable risk/reward and re-rating potential, the analyst tells investors in a research note. The firm sees greater stability in Las Vegas, details on the UAE project at the October 8 analyst event and increased capital return as catalysts for the shares.
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