The recent softness of Wynn Resorts Ltd.'s shares provides a good buying opportunity, an analyst said Wednesday as he raised his rating on the casino operator.
David Katz of Oppenheimer boosted the company's rating to "Outperform" from "Perform," saying in a client note that investors should take advantage of the stock's decline. Wynn's shares fell about 21 percent over the past month.
Katz is also pleased with the casino operator's Hong Kong initial public offering, explaining that it "positions the company as the best capitalized casino company."
Wynn, which is based in Las Vegas, raised $1.63 billion through the IPO earlier this month.
On Tuesday the casino operator reported that its third-quarter profit fell as gamblers frequented casinos less often and spent less overall when they did visit.
Shares slipped 29 cents to $56.42 in premarket trading.