Jefferies analyst David Katz upgraded Wynn Resorts stock from hold to buy, raising the price target to $118 from $105, which implies a potential 33% upside. The upgrade is driven by the company's stable core business and a robust development pipeline, particularly the upcoming Al Marjan Island project in the United Arab Emirates. Katz notes that construction is progressing on schedule and the property has received a casino license, alleviating previous concerns about its actualization. Wynn Resorts benefits from a recovering Macao market where it maintains a strong exposure to VIP and premium consumers. This segment contributed to a 23% year-over-year growth in EBITDAR last year, with analysts expecting stability in 2025 despite macroeconomic headwinds. The positive sentiment was further reinforced by Wynn's recent fourth-quarter results, which beat consensus estimates with stronger-than-expected net revenue from both Macao and Las Vegas operations. Despite the bullish analyst action and recent stock gains following earnings, Wynn Resorts shares remain down 15.5% over the last 12 months. The upgrade aligns with a broader positive sentiment among Wall Street analysts, as 16 out of 19 covering the company hold buy or strong buy ratings. The average analyst price target suggests more than 26% upside potential, reflecting confidence in the operator's ability to rally further.