Credit Suisse said it’s time for investors to buy up shares of Wynn Resorts . Analyst Benjamin Chaiken upgraded Wynn’s stock to outperform, citing upside to the stock from its convention center expansion in Las Vegas and its attractive valuation. “At current levels, we think Wynn is one of the more compelling stories in gaming,” Chaiken wrote. While Wynn shares have slid about 29% this year and sit roughly 39% off their 52-week highs, the casino operator could be headed for a 93% rally from Wednesday’s close based on the bank’s target price of $117. One of the most compelling initiatives poised to drive the stock higher is the company’s hotel convention center expansion, which will nearly double available meeting space and should drive occupancy even as peers struggle. Lockdowns in Macao may have forced Wynn to briefly shut down operations in the region earlier this year. However, going forward Chaiken believes a recovery isn’t priced into the stock. “To be clear, we are not fixated on an exact Macau recovery timeline,” he said. “As mentioned previously, we think the risk/reward is compelling at current levels. So while the Macau recovery trajectory is admittedly unclear, we don’t think investors are paying for it in the stock.” — CNBC’s Michael Bloom contributed reporting
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