S&P Upgrades Wynn Resorts From Hold To Buy (WYNN)

S&P Upgraded Wynn Resorts (NASDAQ: WYNN) From Hold to Buy, yesterday afternoon, S&P raised their target price to $115 from $90.

Here are a few quotes from the report:

“Ahead of Q3 results expected in October, we project EPS of $0.43, vs. $0.33, driven by Macau strength and improvement in Vegas. We look for continued gains in Macau in final quarter of '10 and in '11 and see improved outlook for Vegas Strip on rising visitor volumes (up 3.5% in August), particularly for conventions, and more benign room supply outlook. Nevada Gaming Control Board reported August Strip gaming revenues up 21% with year-to-date revenues up 4.5%. We lift our target price to $115 from $90, reflecting a premium to Macau and Vegas based peer average and lodging group./E.Kwon-CFA”