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Telsey Advisory Group LLC upgrades Wynn Resorts to 'outperform'

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Telsey Advisory Group LLC upgrades Wynn Resorts to 'outperform'

TelseyAdvisory Group LLC analyst David Katz raised his investment opinion ofWynn Resorts Ltd. to"outperform" from "market perform," and increased his pricetarget to $112 from $67.

The analyst wrote in a research report: "Based on thestronger than expected outlook provided by the company, we believe ouralternatives for the stock are to doubt it, chase it or get ahead of it. Wechoose the latter, given that historical execution supports confidence inmanagement to achieve at least the bottom end of the guided range, which iswhere we have placed our estimates. Based on our updated forecast, theacceleration in earnings warrants higher multiples as well. While we concedethat the remainder of 2016 could remain volatile, we believe the 2017 guidancechanges the context for the stock and any dips are more likely to be bought andtherefore, the upside opportunity long term is greater than the downside in thenear term, in our view."