Wynn Resorts upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Joseph Greff upgraded Wynn Resorts to Overweight from Neutral with a price target of $91, up from $71. The analyst thinks Wynn should benefit from a Macau recovery as COVID restrictions are eased, which he says should reverse the stock’s underperformance since the onset of the pandemic. Wynn shares are not very well owned, says Greff, who thinks Macau should benefit from China’s recent plans to ease travel. The stock’s valuation on 2024 is attractive, with the shares trading below historical averages, and buy-side expectations for sustained strong performance is Las Vegas and Boston "are subdued, creating a low bar," Greff tells investors in a research note.