Stifel raises Wynn's PT on UAE growth prospects, limited competition

Stifel raises price target on casino operator Wynn Resorts WYNN.O to $160 from $150; maintains "buy" rating

New PT a 27.5% upside to the stock's last close

Stifel expects no new gaming competition for Wynn’s integrated casino resort in the UAE, no significant gaming developments in the market until 2032

"There is no better gaming operator to be invested in at this point given their diversified operating model (LV, Macau, UAE, Boston, London) and growth opportunities." - Stifel

With tourism in Ras Al Khaimah expanding rapidly, it’s clear that hotel supply won’t be able to keep pace with demand, says brokerage

Stifel adds, WYNN has ~60 acres of undeveloped land at their property site which could be used to build additional room supply

Median PT of 20 brokerages covering the stock is $142.5 - data compiled by LSEG

As of last close, shares up 45.7% YTD