UPDATE: Deutsche Bank Raises PT to $177 on Wynn Resorts; Valuation Attractive

Deutsche Bank raises its price target from $165 to $177 on Buy-rated Wynn Resorts

as it believes current valuation is attractive. Deutsche Bank notes, "Despite a largely uneventful 1Q12 report tonight, we are lowering estimates to account for higher costs at Wynn Macau and lower LV RevPAR assumptions. That said, we believe current valuation (12.3x our 2013 EBITDA estimate) reflects a meaningfully attractive entry point and significantly favorable riskreward scenario with investors getting Cotai for free." WYNN closed at $125.19 on Monday.