** Truist Securities initiates coverage on casino operator Wynn Resorts WYNN.O with a price target of $125 and "buy" rating

** PT represents a 29.7% premium to stock's last close

** Brokerage says Wynn is well-positioned in the gaming sector, supported by its best-in-class properties, affluent customer base and a visible growth pipeline

** While Wynn expects a modest delay to the opening of its UAE resort, Truist expects tourism demand to normalize as regional risks ease and government spending supports growth

** Brokerage expects fully ramped-up UAE operation could be worth as much as $50 per Wynn share

** Median PT of 21 brokerages covering the stock is $138 - data compiled by LSEG

** As of last close, stock down ~20% YTD