BofA upgrades Wynn to 'buy'; shares fall after early gains

Shares of casino operator Wynn Resorts WYNN.O reverse course, down more than 1% to $83 after rising 3% in early trade

BofA Global Research raises rating to "buy" from "neutral"; ups PT to $100 from $90, a 20% upside to stock's last close

Brokerage says WYNN's UAE casino resort project should drive a return to growth and diversification away from Macau, helping reassert Wynn's once "premium valuation"

On Tuesday, WYNN posted downbeat first-quarter results due to slowdown across its properties

*Stifel cuts PT to $113 from $128; maintains "buy"

"While the Macau waiting game continues to be painful, we continue to believe that once China macro backdrop improves, spend levels will return to normal very quickly" - Stifel

15 of 18 brokerages rate WYNN "buy" or higher and 3 "hold"; their median PT is $107.50 - LSEG data

As of last close, stock down 3% YTD