Wynn Resorts upgraded to Buy at BofA with ‘key catalyst’ coming

As previously reported, BofA upgraded Wynn Resorts (WYNN) to Buy from Neutral with a price target of $100, up from $90, citing the opening of Wynn Al Marjan Island in early 2027 as the “key catalyst.” While investors will need to be patient, Wynn’s recent pullback of 20% since October, 10% free cash flow yield and core asset valuation increasingly de-risk China/Macau exposure, the analyst argues. Al Marjan Island in early 2027 will be the first major integrated casino resort in the Middle East and the firm thinks this development will “increasingly factor into investor expectations and underwriting over the next 12-18 months,” the analyst tells investors.