BUZZ-Wynn rises after BofA upgrades rating to 'buy'

Reuters

05-07

BUZZ-Wynn rises after BofA upgrades rating to 'buy'

** Shares of casino operator Wynn Resorts WYNN.O up 3% to $86 premarket

** BofA Global Research raises rating to "buy" from "neutral"; ups PT to $100 from $90, a 20% upside to stock's last close

** Brokerage says WYNN's UAE casino resort project should drive a return to both growth and diversification away from Macau, that it believes will help re-assert Wynn's once "premium valuation"

** On Tuesday, WYNN posted downbeat first-quarter results due to slowdown across its properties

** 15 of 18 brokerages rate WYNN "buy" or higher and 3 "hold"; their median PT is $107.50 - LSEG data

** As of last close, stock down 3% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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