Morgan Stanley Upgrades MGM Resorts International to “Overweight” (MGM)
MGM Resorts International (NYSE:MGM) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday, Analyst RN reports. The firm currently has a $28.00 price objective on the stock, up from their previous price objective of $21.00. Morgan Stanley’s target price indicates a potential upside of 14.24% from the company’s current price.
A number of other firms have also recently commented on MGM. Analysts at Citigroup Inc. upgraded shares of MGM Resorts International from a “neutral” rating to a “buy” rating in a research note to investors on Monday. They now have a $28.00 price target on the stock, down previously from $29.00. Separately, analysts at Wells Fargo & Co. reiterated a “positive” rating on shares of MGM Resorts International in a research note to investors on Friday, December 27th. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of MGM Resorts International from $25.00 to $26.00 in a research note to investors on Tuesday, December 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $24.25.
MGM Resorts International (NYSE:MGM) traded up 4.39% during mid-day trading on Tuesday, hitting $24.51. 17,965,296 shares of the company’s stock traded hands. MGM Resorts International has a 52 week low of $11.72 and a 52 week high of $24.66. The stock has a 50-day moving average of $21.19 and a 200-day moving average of $18.86. The company’s market cap is $12.012 billion.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.03) by $0.04. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the prior year, the company posted ($0.37) earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. On average, analysts predict that MGM Resorts International will post $-0.23 earnings per share for the current fiscal year.
MGM Resorts International is a holding company. The Company is a hospitality company. The Company’s primary business is the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities.
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