Shares of Wynn Resorts Ltd. hiked up 1.4% in premarket trade Tuesday, after Stifel Nicolaus turned bullish on the casino operator, citing a “compelling” reward-versus-risk scenario as recent macro concerns appear overblown. Analyst Steven Wieczynski raised his rating to buy, after being at hold for at least the past two years. The stock has tumbled 21% from its May 10 record close of $201.51 through Monday–the S&P 500 has gained 2.2% over the same time–amid concerns over Chinese market conditions if a trade war with the U.S. escalates, worries about the health of the stock market and the World Cup soccer tournament have kept high rollers away from Macau over the past month. Wieczynski said his upgrade might be a bit early, but said that World Cup is nearly over, and there hasn’t been a huge correlation between VIP play at casinos over the long term and stock market turmoil. And the recent selloff in the stock suggests buyside expectations are now more realistic, and that the macro environment only has to remain “somewhat status quo” to produce upside. In addition, headline risk, which includes the fallout from allegations of sexual misconduct by Founder Steven Wynn, has been diminished.