UPDATE: Rodman & Renshaw Raises PT on Wynn Resorts to $160

Rodman & Renshaw is out with its report today on Wynn Resorts WYNN, raising its PT from $146 to $160. In a note to clients, Rodman & Renshaw writes, "WYNN reports 2Q11 results today after the close. A 4:30 pm EDT conference call is scheduled. We estimate that approximately 73% of WYNN's property-level EBITDA will come from its Macau operations with the balance from Las Vegas. We are raising our estimates and price target heading into the quarter on strength from Macau throughout the quarter. Our new 2Q11 EBITDA estimate is $367 million and our price target goes to $160 from $146." At the time of posting, shares of WYNN were trading pre-market at $162.75, up 0.08% from Friday's close.