UPDATE: Compass Point Upgrades Wynn Resorts to Neutral on Las Vegas Strength

Compass Point raised its rating on Wynn Resorts

from Sell to Neutral and increased its price target to $10. Compass Point commented, "Despite the in-line results, we are upgrading our rating to Neutral due to better than expected trends in Las Vegas. Further, while we continue to believe the stock is over-valued and that FY13 expectations remain too elevated, we no longer believe a Sell rating is warranted as the improving Las Vegas conditions and doubled dividend should limit the potential for more meaningful downside. We increase our price target to $110, which includes the $8 special dividend." Wynn Resorts closed at $112.29 on Wednesday.