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Shares of casinos with China operations have been on a tear this week, and Morgan Stanley just added to the good news. Research analysts Stephen Grambling and Praveen Choudhary upgraded their call on Wynn Resorts stock to Overweight, the equivalent of Buy, from Hold, in a research note late Thursday. Casino stocks with high China exposure, in general, have been riding a high this week after Beijing lowered interest rates amid a flood of other moves meant to stimulate the economy.
Shares of luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) jumped 6.3% in the afternoon session after Morgan Stanley upgraded the stock's rating from Equal-weight (Hold) to Overweight (Buy) and raised the price target from $97 to $104. The new target price represents a potential 10% upside from where shares traded before the upgrade was announced.