Wynn Still on the Rise Despite Incorrect 8-K Filing (Update 4)

Updated from 12:06 p.m. ET to include analyst comment.

NEW YORK ( TheStreet) -- Shares of Wynn Resorts ( WYNN) surged Friday after the gaming company incorrectly filed a Form 8-K with the Securities and Exchange Commission on Friday that claimed it had received approval to build a Macau casino.

The company acknowledged the mistake in a subsequent filing but the shares are still in rally mode, gaining 5.6% to $128.88 in afternoon action. Earlier in the session, the stock ran as high as $132.59. Volume is at nearly 12 million for the day, more than four times the issue's trailing three-month daily average churn of 2.6 million.

"A Current Report regarding the gazetting of the Cotai Land Concession Contract on Form 8-K (the "Land Concession 8-K") was filed by mistake by the Company's agent," Wynn said in its follow-up filing. "The filing was not authorized by the Company. The Cotai Land Concession Contract has not been gazetted. The purpose of this filing is to retract the Land Concession 8-K in its entirety.

The S&P 500 was off 6.4 points in recent action to 1368.

Wynn Resorts has an estimated price-to-earnings ratio for next year of 18.94 times; the average for gambling companies is 14.89. For comparison, Las Vegas Sands ( LVS) has a lower forward P/E of 18.68 and Isle of Capri Casinos' ( ISLE) forward P/E is 21.06.

Thirteen of the 25 analysts who cover Wynn Resorts rated it buy. Eleven analysts gave the stock a hold rating and one rated it sell.

TheStreet Ratings gives Wynn Resorts a B grade with a buy rating and $134.71 price target. The stock has risen 16.22% year to date.

ITG Investment Research analyst Matt Jacob considers Wynn Resorts one of the "higher-quality" casino investments based on its strong brand and Vegas gambling trends picking up.

Wynn Resorts' rival MGM Resorts International ( MGM) has one of the strongest exposures to Vegas, Jacob said, and will benefit on these improving trends.

-- Written by Joseph P. Woelfel and Alexandra Zendrian in New York.

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