UPDATE: Jefferies Raises PT on Wynn Resorts to $193

Jefferies is out with its report today on Wynn Resorts WYNN, raising its PT from $189 to $193. In a note to clients, Jefferies writes, "WYNN's 2Q11 outperformance highlighted not only continued strength in Macau, but also a meaningful gain in momentum in LV, which reinforces our view on a Strip recovery and should provide a positive read-through for MGM MGM as convention business continues to build. We expect the earnings momentum for WYNN to continue and we are reiterating our BUY rating on the shares. We are raising our PT on WYNN shares to $193 from $189 based on higher estimates." At the time of posting, shares of WYNN were trading pre-market at $171, up 3.71% from Monday's close.