Shares of Wynn Resorts, Limited WYNN 4.74% are spiking more than 7.7 percent on an extremely weak day in the market after the company reported preliminary Q4 results that impressed the market.

Credit Suisse analyst Joel Simkins sees Wynn’s numbers as a positive sign the Macau market may be stabilizing, but is unwilling to upgrade Wynn from Neutral just yet.

“While we are in the camp that believes the Macau gaming market may be stabilizing and Las Vegas is firmly recovering, our Neutral rating stems from concerns around the impact of new supply and our view that investors have not properly accounted for this new capital,” Simkins explained.

Wynn’s new guidance indicates…

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