Sterne Agee upgraded Wynn Resorts (NASDAQ: WYNN) from Neutral to Buy with a price target of $260.00 (from $225).

Analyst David Bain comments, "We raise our view to Buy from Neutral. Shares are down 9% since April 1 and 17% from their 52-week high due to chiefly unfounded Macau VIP market concerns. We have been waiting for a good entry point and believe this is it. New commentary citing strong confidence for 552 table approvals at Wynn Palace opening ~6 quarters from now sets the stage for a more than doubling of Island EBITDA. At this point, we find the story too compelling to remain sidelined."

CY15/CY16E EBITDA goes to $1.84b/$1.94b from $1.80b/$1.88b. CY15/CY16E EPS goes to $9.18/$10.47 from $8.90/$9.95

For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.

Shares of Wynn Resorts closed at $206.63 yesterday.