MGM Resorts (MGM) PT Lifted to $30 at Sterne Agee CRT

Sterne Agee CRT analyst David Bain reiterated a Buy rating and raised his price target on MGM Resorts (NYSE: MGM) to $30.00 (from $27.50) following a solid beat and guidance.

Bain commented, "Following a solid beat and strong forward commentary, we raise our margin and Rev/PAR forecast for wholly-owned Las Vegas properties. MGM has now “shown” investors a critical “show me” element to potential consensus and stock upside, in our view - significant recurring cost savings from its profit growth plan. Further, visibility remains high due to continued group strength. Reiterate Buy."

CY16/CY17 EBITDA to $2.25b/$2.58b from $2.23b/$2.65b

For an analyst ratings summary and ratings history on MGM Resorts click here. For more ratings news on MGM Resorts click here.

Shares of MGM Resorts closed at $21.87 yesterday.

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