Shares of Wynn Resorts (WYNN) - Get Report were climbing 2% to $110.28 Tuesday after a Goldman Sachs analyst upgraded the casino resort operator to buy from neutral and raised his stock price target to $155 from $140.

Analyst Stephen Grambling said in a note to investors that he upgraded the Las Vegas-based company given that free cash flow is set to inflect as major capital projects are completed.

He also cited that projects ramping in Boston and Vegas provide domestic growth, adding that the leading indicators and recent data points suggest Macau's gross gaming revenue is stabilizing "with potential for upside."

"The recent opening of Encore Boston Harbor has been outpacing our expectations along the top-line, by both growing the market and taking share from peers," Grambling wrote. The $2.6 billion dollar facility in Everett, Massachusetts, has been described as one of the most expensive resorts ever built in the U.S. outside of Las Vegas.

The Wynn Golf Club, which was closed at the end of 2017, is set to open in October and a convention center expansion project is expected to be completed in February.

"Wynn's re-opening of the golf course and convention center expansion could drive $20 million+ in EBITDA just before the Las Vegas market benefits from the new NFL and Las Vegas Convention and Visitors Authority expansion,"Grambling said.

Regarding Macau, Grambling wrote that "with multiple other areas of stimulus announced in China, we see optionality for a further rebound."