UPDATE: Citigroup Upgrades Wynn Resorts on Macau Growth

In a report published Monday, Citi analyst Anil Daswani upgraded the rating on Wynn Resorts WYNN from Neutral to Buy, raising price target from $168 to $222. The report noted, “We believe Wynn Resorts, like everyone else in Macau, will continue to enjoy solid EBITDA growth in Macau (Wynn Macau represents ~76% of Wynn Resorts FY14E EBITDA). Given improving balance sheet (thanks to strength in Macau) and ADRs in Las Vegas, we upgrade Wynn Resorts from Neutral to Buy.” WYNN closed on Friday at $196.