UBS Analysts Highlight Wynn’s (WYNN) UAE Resort as Key Growth Driver

Wynn Resorts, Limited (NASDAQ:WYNN) ranks among the best performing S&P 500 stocks in the last 3 months. On August 28, UBS raised its price target for Wynn Resorts, Limited (NASDAQ:WYNN) from Neutral to Buy, notably increasing it from $101 to $147. The upgrade is based on higher Macau forecasts and a more positive outlook for Wynn’s AI Marjan resort in the United Arab Emirates, which UBS anticipates will receive market recognition after Wynn’s December investor day.

According to UBS, the UAE project is expected to generate run-rate adjusted property EBITDAM of $730 million. This is 16% higher than Wynn’s base case estimate of $625 million at steady state and falls around the higher end of the company’s guidance range of $500-800 million.

The firm believes Wynn’s position as the only casino operator in the UAE will give it an important edge in garnering trust among ultra-high-net-worth foreign clients.

Wynn Resorts, Limited (NASDAQ:WYNN) is a luxury hotel and casino operator known for providing premium resort experiences and running high-end properties in Boston, Macau, and Las Vegas.

While we acknowledge the potential of WYNN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WYNN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.