Shares of Wynn Resorts Ltd. rallied 11 percent on the Nasdaq this week after two U.S banks said business at the international casino operator is better than anticipated.
Wynn shares capped the week closing up Friday $4.02, or 3.79 percent, to $110.19 a share, a 52-week high. They closed last Friday at $99.55.
”We believe that Wynn can take greater market share in Macau than the market is currently discounting,” Morgan Stanley analyst Thomas Allen wrote in a Monday report. Allen has a $119 price target for Wynn shares.
J.P. Morgan also recommended this week investors buy Wynn shares on the back of stronger Macau growth.
Steve Wynn owns 12.1 million shares, or 11.9 percent of Wynn Resorts, and the rally netted him $120 million.