Wynn Resorts is well positioned in Macau
Sterne Agee's David Bain increased his rating to "Buy" from "Neutral" and raised his target price to us$ 115 from us$ 85 on the Las Vegas-based company.
He said the Encore Macau property, which opened in April, "is in a category of its own servicing the VIP market in Macau."
The property is driving share gains, and is in the right area at the right time to capture the right market, he told clients in a note. Wynn's next resort - to be built in the Cotai area of Macau - will be positioned to capture premium mass players "as its quality and individuality will likely separate itself from current and future mainstream hotel brands in Cotai."
Shares of Wynn rose us$ 1.57 to us$ 87.34 in midday trading Thursday. Shares have traded in a range of us$ 29.05 to us$ 93.99 in the past 52 weeks.
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