Wynn Resorts Ltd. (NASDAQ:WYNN) was lifted to Overweight from Equal Weight, with its price target raised to $135 from $120 by Barclays analysts in a note Wednesday.
The analysts said the best is yet to come for the company, with Macau fundamentals having moved well ahead of shares, while Las Vegas is likely more resilient than appreciated.
"Macau's ramp toward a full EBITDA recovery continues to pull forward, which could come as early as 2H23, indicating plenty of potential upside to Consensus in the coming quarters, while shares have mostly traded sideways for the last three months," the analysts wrote.
They added that the firm has increasing confidence that "Las Vegas (especially WYNN's unique positioning there) can hold up well through a tightening macro."
"We're bullish on WYNN's new Al Marjan/Dubai development, and at an incremental ~$13/share NPV, is under-appreciated by the market," the analysts concluded.