Monday, April 6, 2009 | 9:39 a.m.
Wynn Resorts Ltd.'s solid balance sheet and Macau prospects has led an analyst to upgrade the casino operator on Monday to "Buy" from "Neutral."
The company's stock added $2.80, or 9.4 percent, to $32.45 in morning trading on Monday. The shares have traded in a 52-week range of $14.50 to $119.74.
Robin Farley of UBS points out that Wynn has no debt due this year and holds about $1.6 billion in cash, giving it a strong liquidity position.
The Las Vegas-based company also stands to gain from fewer casino openings in Macau between 2010 and 2012.
The analyst also boosted Wynn's price target to $33 from $28.
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