Although stocks are pulling back slightly in Tuesday morning's trading session, Wynn Resorts, Limited (WYNN) remains solidly in the green, up 4.85% to $134.38. What's got the stock moving? Analysts at Deutsche Bank upgraded the stock to buy and raised their price target to $150 from $138.
Speaking on CNBC's "Stop Trading" segment, TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, pointed to the Palace, a Wynn resort in Macau. The analysts at Deutsche Bank say the company could see a ramp in customers at the Wynn Palace that leads to a third-quarter beat.
WYNN stock "goes much higher" when Macau "turns the jets on," Cramer reasoned.
Wynn is in the groove right now and founder and CEO Steve Wynn has done an excellent job. "He's such an inspiration," Cramer said, adding that he doesn't "bow down to anybody," including the Chinese government when they weren't making life easy for casino companies.
Wynn's also one of the few CEOs to speak his mind on the company's conference calls (not unlike T-Mobile's (TMUS) John Legere). Steve Wynn bought a bunch of stock when WYNN shares traded in the $50s and $60s, Cramer noted, showing the confidence he had when others didn't.
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