Wynn Resorts Ltd. shares hit a 52-week high Wednesday, trading at $154.15 before closing at $153.29, up $2.13, or 1.14 percent, on the Nasdaq Global Select Market.
The new trading levels edge slightly above Wynn’s previous 52-week high of $151.73 set on May 10.
Wynn shares got a boost Wednesday after an analyst lifted the Las Vegas-based company’s price target, citing the casino operator’s long-term prospects in Macau.
In a note to clients, Brian McGill of Janney Capital Markets said he believes the Chinese territory could generate
$50 billion to $60 billion in revenue in the next three to five years. McGill kept his “buy” rating and raised Wynn’s target price to $185 a share from $145.
Average volume traded has been 1.9 million shares over the past 30 days. Wynn Resorts has a market cap of $18.7 billion, while its shares are up more than 50 percent year to date.