MGM Resorts International Earns “Outperform” Rating from Zacks (MGM)
MGM Resorts International (NYSE:MGM)‘s stock had its “outperform” rating reissued by Zacks in a report issued on Friday. They currently have a $30.00 price objective on the stock. Zacks‘s target price suggests a potential upside of 19.52% from the stock’s previous close.
Zacks’ analyst wrote, “MGM Resorts’ second quarter adjusted earnings of $0.21 per share beat the Zacks Consensus Estimate by 75% and were up significantly year over year due to improved performance in Las Vegas. Though the top line missed the consensus mark, it was up 4% year over year, owing to strength in the domestic market. Going forward, an increase in visitation in the Las Vegas market and improving trends at its urban complex, CityCenter should continue to bode well for domestic growth. We note that despite a slowdown in the Chinese economy and a nationwide crackdown on corruption in China, main floor gaming volumes have increased. Also, the company expects the Macau market to grow further due to an expanding Asian middle class population and infrastructure improvements. We maintain our Outperform recommendation on the stock.”
In other MGM Resorts International news, Insider Robert Baldwin sold 26,973 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $25.21, for a total value of $679,989.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, August 11th. They now have a $33.50 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of MGM Resorts International in a research note on Wednesday, August 6th. They now have a $31.00 price target on the stock, down previously from $32.00. Finally, analysts at Susquehanna raised their price target on shares of MGM Resorts International from $32.00 to $33.00 in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $30.17.
Shares of MGM Resorts International (NYSE:MGM) traded down 0.20% on Friday, hitting $25.049. 4,006,326 shares of the company’s stock traded hands. MGM Resorts International has a one year low of $17.30 and a one year high of $28.75. The stock’s 50-day moving average is $25.73 and its 200-day moving average is $25.56. The company has a market cap of $12.293 billion and a P/E ratio of 85.67.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.21 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.11 by $0.10. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter last year, the company posted $0.04 earnings per share. MGM Resorts International’s revenue was up 4.0% compared to the same quarter last year. Analysts expect that MGM Resorts International will post $0.62 EPS 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.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.