UPDATE: Rodman & Renshaw Raises PT on Wynn Resorts to $177

Rodman & Renshaw is out with its report today on Wynn Resorts WYNN, raising its PT from $160 to $177. In a note to clients, Rodman & Renshaw writes, "WYNN put up a monster quarter with the help of strong baccarat drop and good luck in Las Vegas. 2Q11 EBITDA topped our estimates and consensus in both Macau and Vegas. Non-casino revenue was up 13% in Las Vegas as rooms, F&B, and entertainment all grew sharply. In Macau, WYNN continues dominate the high-end of the market. VIP drop rose over 50%, which was in line with the market's growth in the second quarter despite the introduction of a new property in May. We have upwardly revised our estimates (again) and out target price goes to $177 — not enough for an upgrade. Maintain Market Perform." At the time of posting, shares of WYNN were trading pre-market at $170, up 3.10% from Monday's close.