Several investment firms have updated their stock ratings and price targets on shares of MGM Resorts (NYSE: MGM) in the last week:
- MGM Resorts was downgraded by analysts at Citigroup to a “neutral” rating.
- MGM Resorts was upgraded by analysts at RBC Capital from a “sector perform” rating to an “outperform” rating. They now have a $16.00 price target on the stock, up previously from $13.00.
- MGM Resorts had its price target raised by analysts at Telsey Advisory Group to $15.00.
- MGM Resorts had its price target raised by analysts at Deutsche Bank from $13.00 to $14.00. They now have a “hold” rating on the stock.
- MGM Resorts had its “neutral” rating reaffirmed by analysts at Sterne Agee. They now have a $13.50 price target on the stock, up previously from $12.00.
- MGM Resorts had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $13.00 price target on the stock. Zacks‘ analyst wrote, “MGM Resorts’ fourth-quarter 2012 adjusted loss of $0.23 per share was in line with the Zacks Consensus Estimate but wider than the prior-year quarter’s loss of $0.21 per share. In the quarter, the company’s total revenues remained flat year over year at $2.3 billon, although its MGM China segment witnessed a 2.0% annual rise in its revenues to $731.0 million, owing to the rise in the volume of table games as well as slots, respectively. Limited supply in the Las Vegas market, improving trends at CityCenter and a moderate pickup in visits in some domestic properties all bode well for the company. However, a huge portion of debt in its balance sheet, stiff competition in Macau and overall slowdown in China remain causes of concern. Hence, we maintain our Neutral rating on the stock.”
MGM Resorts opened at 12.11 on Wednesday. MGM Resorts has a 1-year low of $8.83 and a 1-year high of $14.80. The stock’s 50-day moving average is currently $12.86. The company’s market cap is $5.925 billion.
MGM Resorts International is a holding company. The Company is a hospitality company. Its primary business is the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities.