Credit Suisse says it’s time for investors to buy shares of Wynn Resorts. Analyst Benjamin Chaiken upgraded Wynn’s stock to the upper hand, citing the stock’s rally from the Las Vegas convention center expansion and its attractive valuation. “At the current level, we think Wynn is one of the more compelling stories in gaming,” Chaiken wrote. While shares of Wynn have fallen about 29% this year and are down about 39% from their 52-week high, the casino operator could be looking towards a 93% gain from Wednesday’s close based on The bank’s target price is $117. One of the most compelling initiatives poised to drive the stock higher is the expansion of the company’s hotel conference center, which will nearly double the available meeting space and will boost rental capacity even when colleagues are struggling. The closures in Macao may have forced Wynn to briefly shut down operations in the area earlier this year. Going forward, however, Chaiken believes the recovery should not affect the stock. “For clarity, we do not have an exact date for restoring Macau,” he said. “As mentioned before, we think the risk/reward is attractive at current levels. So, while Macau’s recovery trajectory is admittedly unclear, we don’t think the investors are paying for it in stock.” – CNBC’s Michael Bloom contributed reporting
