NEW YORK (TheStreet) -- Wynn Resorts (WYNN) shares are up 4% to $214.90 in pre-market trading on Friday following a ratings upgrade from analysts at Stern Agee.
The firm upgraded the destination casino operator to "buy" from "neutral" citing the recent market pullback on the company's shares as a reason for the upgrade.
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"Shares are down 9% since April 1 and 17% from their 52-week high due to chiefly unfounded Macau VIP market concerns. We have been waiting for a good entry point and believe this is it," said analyst David Bain.
Wynn Resorts reported yesterday that it had beat analysts earnings guidance by 26 cents during its first quarter earnings period.
Separately, TheStreet Ratings team rates WYNN RESORTS LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."