Stock Climbs on Analyst Report

Shares of Wynn Resorts were up more than $2 per share in early trading this morning as the broader markets fell on a bullish analyst report.

Shares rose $2.19 or 4.6 percent to $49.98 per share.

In a research report this morning, Deutsche Bank Securities analyst Marc Falcone raised his annual price target to $65 from $46. Falcone cited as factors escalating land values on the Las Vegas Strip, Wynn's Phase II development at the Wynn Las Vegas resort and development opportunities in Macau.

"After monitoring the progress of Wynn Las Vegas, we believe investors have not discovered the full value of these assets," Falcone said in the report. "We see potential upside to results based on higher room rates and better margins. Phase II and land represent significant unrealized value."

The Macau market represents "enormous potential" that still isn't well known, he said.

"We see significant upside if Wynn announced additional development opportunities and/or enters into a subconcession agreement," Falcone said.

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