Wynn Resorts Is Currently A Great Opportunity

| About: Wynn Resorts, (WYNN)

Wynn Resorts (NASDAQ:WYNN) represents one of the better buying opportunities in the markets right now. Wynn Resorts is now 38.7% off its 52-week high of $172.58. The stock is currently trading at $105.65/share and is right near its 52-week low. This stock should be trading above $140.00/share and I will not be surprised to see it doing just that in a short time-frame. If the stock should move below $100.00/share I would highly recommend buying the stock or call options in quantity to take advantage of the upswing that will come.

52wk high: 172.58
52wk low: 100.51
EPS: 4.29
PE: 24.60
Div Rate: N/A
Yield: N/A
Market Cap: 13.2 B
Volume: 2.32 M

Analysts have the following price targets for Wynn Resorts:

Price Target Summary

Mean Target: 155.54
Median Target: 152.50
High Target: 188.00
Low Target: 120.00
No. of Brokers: 24

Over the past year, Wynn Resorts had the following upgrades/downgrades:

28-Nov-11 Upgrade Needham Hold → Buy $145
28-Nov-11 Upgrade KeyBanc Capital Mkts Hold → Buy $145
12-Aug-11 Upgrade Barclays Capital Equal Weight → Overweight
19-Jul-11 Reiterated Barclays Capital Equal Weight $125 → $160
07-Jul-11 Initiated Brean Murray Buy $175
20-Apr-11 Reiterated Hudson Securities Hold $129 → $146
20-Apr-11 Reiterated Deutsche Bank Buy $141 → $148
11-Feb-11 Reiterated Barclays Capital Equal Weight $102 → $105
11-Jan-11 Reiterated Barclays Capital Equal Weight $90 → $102

Even the lowest estimates have Wynn Resorts trading much higher than its current price. I expect to see this stock continue to move higher. Here is a closer look at Wynn Resorts' past earnings-per-share and future estimates:

There has been some talk that Wynn Resorts is looking into building a casino in Massachusetts.

Among all gambling stocks, Wynn Resorts has the most upside potential, ahead of Ls Vegas Sands (NYSE:LVS), MGM Resorts (NYSE:MGM), and Melco Crown Enternatiment (NASDAQ:MPEL).

Currently, I like the June 2012 $120.00 strike price call options. I can easily see Wynn Resorts trading above $150.00/share by this time. The current bid/ask spread for the $120.00 strike price is $8.80 - $9.10.

As recently as November 2, 2011, Wynn Resorts was trading at $136.70/share. Wynn Resorts has really been beaten down since the beginning of December. It will rebound soon.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in WYNN over the next 72 hours.