MGM Resorts International Rating Reiterated by Zacks (MGM)
MGM Resorts International (NYSE:MGM)‘s stock had its “outperform” rating reiterated by Zacks in a research note issued on Friday, AmericanBankingNews.com reports. They currently have a $30.00 price target on the stock. Zacks‘ price target points to a potential upside of 19.14% from the company’s current price.
Zacks‘ analyst wrote, “MGM Resorts’ adjusted earnings of $0.02 per share in third-quarter 2013 comprehensively beat the Zacks Consensus Estimate of a loss of $0.03 as well as the prior-year quarter loss of $0.23 per share. We remain enthusiastic about MGM Resorts’ return to profitability in the first quarter. MGM’s revenues also beat the Zacks Consensus Estimate and grew year over year. Higher revenues in both Las Vegas and China boosted the top line. A solid performance in the otherwise sluggish VIP market in China also deserves a special mention. Limited supply, a moderate increase in visits in the Las Vegas market and improving trends at its urban complex CityCenter will bode well for the company in the domestic arena. The company’s convention bookings for the upcoming period in Las Vegas also appear to be strong. Hence, we remain Outperform on the stock. “
MGM Resorts International (NYSE:MGM) traded down 3.49% during mid-day trading on Friday, hitting $24.30. The stock had a trading volume of 11,010,129 shares. MGM Resorts International has a one year low of $11.72 and a one year high of $26.70. The stock has a 50-day moving average of $23.38 and a 200-day moving average of $19.67. The company’s market cap is $11.909 billion.
A number of other analysts have also recently weighed in on MGM. Analysts at Susquehanna raised their price target on shares of MGM Resorts International from $23.00 to $30.00 in a research note to investors on Tuesday, January 14th. They now have a “positive” rating on the stock. Separately, analysts at Merrill Lynch upgraded shares of MGM Resorts International to a “buy” rating in a research note to investors on Monday, January 13th. Finally, analysts at Bank of America Corp. upgraded shares of MGM Resorts International from a “neutral” rating to a “buy” rating in a research note to investors on Monday, January 13th. They now have a $33.50 price target on the stock, up previously from $21.00. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $25.74.
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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