Jefferies on Monday upgraded Las Vegas Sands and Wynn Resorts after Macao announced plans to allow Chinese tour groups to return to casinos as soon as November. The Wall Street firm raised ratings for operators Casino operators buy from holdings following news that the Macau government said it would resume access from Mainland China through tours and e-visas in a few months. “The moment we’ve been waiting for,” Jefferies analysts led by David Katz said in a note to clients on Monday. “We believe there are still some questions surrounding the business and our current forecasts reflect a meaningful recovery, but an upside valuation adjustment to WYNN and LVS is appropriate.” .” Shares of Wynn Resorts rose 14% Monday, while Las Vegas Sands rose similarly. Jefferies also raised price targets for Las Vegas Sands to $50 from $40, Wynn to $75 from $62. However, analysts have questioned the process of extending concessions after reopening. . “The most important question is the franchise renewal process, which is supposed to go smoothly until a new entrant has submitted an application has been confirmed,” the Jefferies analyst said. “Our Mgt. discussions provide little insight into what it means, which leaves uncertainty until the process is complete.” Meanwhile, risks remain for the duo, especially for long-term organic growth as the economic outlook is trending more negative in Macao, the analysts noted. – Michael Bloom of CNBC contributed reporting.