Deutsche Bank upgraded Wynn Resorts (WYNN) to Buy from Hold, saying that non-VIP, or mass, gambling at the company's Wynn Palace casino in Macau has reached a positive turning point.

MASS REBOUND: After Deutsche Bank conducted checks, Carlo Santarelli, an analyst at the firm, says that mass gambling at the company's Wynn Palace casino appears to have reached a positive turning point. A renovation of the casino's floor has increased mass demand, the analyst stated.

OTHER CATALYSTS: Continued strong VIP demand and an acceleration in the growth of the company's "discretionary free cash flow" will be additional positive catalysts for the stock, according to Santarelli.

OUTLOOK, TARGET: Wynn Resorts can report stronger than expected third quarter results, and analysts will raise their longer term estimates for the company, driving the stock higher, predicted Santarelli.

PRICE ACTION: In morning trading, Wynn Resorts advanced 4.5% to $134. Other Macau casino owners also climbed, with Las Vegas Sands (LVS) rising 1.3% to $61.60 and MGM Resorts (MGM) advancing 1% to $31.25.