This casino giant stock can continue to benefit from a recovery in Macao despite worries over a worsening macroeconomic environment, Barclays says.
Wynn Resorts has more to gain as a recovery in its Macao properties continues, according to Barclays. The bank upgraded the casino giant to overweight from equal weight on Wednesday. It also hiked its price target on the stock to $135 from $120. The new target implies upside of 31% from Tuesday's close. Wynn Resorts has been on fire this year, adding nearly 25%.
" WYNN YTD mountain Wynn stock in 2023 "We see an opportunity to raise the third out of three Macau stocks under our coverage to OW, as evidence is accruing that WYNN's Macau business is heading for 2019 EBITDA generation faster than we thought, and soon we could be talking about 'how much above 2019' Wynn Macau can recover to ," Montour said.
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