UPDATE: Morgan Stanley Upgrades MGM Resorts Int'l to Overweight

Morgan Stanley is out with its report today on MGM Resorts Int'l (NYSE: MGM), upgrading MGM to Overweight.

In its report, Morgan Stanley writes, "We are upgrading MGM to OW with a $15 price target (+38%). We expect improving leisure trends in Las Vegas that have lagged other consumer sectors' recoveries and high incremental EBITDA flow-through to drive EBITDA momentum. MGM's ability to dividend cash from Macau should mitigate recent B/S concerns."

At the time of posting, shares of MGM were trading at $11.20, up 2.94% from Monday's close.