MGM Resorts International Receives New Coverage from Analysts at Buckingham Research (MGM)
Stock analysts at Buckingham Research initiated coverage on shares of MGM Resorts International (NYSE:MGM) in a report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $32.00 price target on the stock. Buckingham Research’s price target suggests a potential upside of 19.76% from the company’s current price.
Shares of MGM Resorts International (NYSE:MGM) traded up 0.41% on Friday, hitting $26.83. 1,384,144 shares of the company’s stock traded hands. MGM Resorts International has a one year low of $14.40 and a one year high of $28.75. The stock has a 50-day moving average of $25.01 and a 200-day moving average of $24.97. The company’s market cap is $13.163 billion. MGM Resorts International also was the target of a significant drop in short interest in June. As of June 13th, there was short interest totalling 24,731,812 shares, a drop of 6.1% from the May 30th total of 26,331,232 shares. Based on an average daily trading volume, of 7,133,979 shares, the days-to-cover ratio is currently 3.5 days. Currently, 6.6% of the shares of the stock are short sold.
MGM Resorts International (NYSE:MGM) last released its earnings data on Tuesday, April 29th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.09 by $0.12. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the company posted $0.01 earnings per share. The company’s quarterly revenue was up 11.8% on a year-over-year basis. Analysts expect that MGM Resorts International will post $0.50 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Susquehanna cut their price target on shares of MGM Resorts International from $34.00 to $32.00 in a research note on Monday. They now have a “positive” rating on the stock. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of MGM Resorts International in a research note on Thursday, June 12th. They now have a $31.00 price target on the stock. Finally, analysts at Credit Suisse reiterated an “outperform” rating on shares of MGM Resorts International in a research note on Wednesday, June 4th. They now have a $33.00 price target on the stock, up previously from $30.00. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and an average target price of $28.82.
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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