Shares of Wynn Resorts (WYNN) have been on fire this year, up nearly 70% so far in 2017. Monday's 3% rally is only aiding that run, after Deutsche Bank analyst Carlo Santarelli upped his price target to $161 from $150.

Investors have been desperate for stock plays on China, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment. He pointed out how stocks like Caterpillar (CAT) and Cummins (CMI) have been driven to new highs as a result. Those same investors are likely to circle back to Wynn.

Cramer said Santarelli's research report told a "very good tale" and his note on Wynn Palace was "very, very important." CEO Steve Wynn has been talking about the Palace quarter after quarter. Well, Wynn Palace is putting up better-than-expected numbers in Macau, according to Santarelli and that bodes well for Wynn stock.

That's where the gamblers in Macau seem to be going, Cramer noted. Wynn Resorts deserves the highest earnings multiple of its peer group, including over companies like Las Vegas Sands (LVS) and MGM Resorts (MGM) , he reasoned.

Steve Wynn "is one of my heroes," he added, saying the CEO confidently bought shares in the $50s and $60s when the stock tanked in late-2015. Now that's nearly a triple.

"I think the stock takes out its $150 high and it just keeps going," Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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