UPDATE: Citi Lowers PT on MGM Resorts International

Citi is out with its report today on MGM Resorts International (NYSE: MGM), lowering its PT from $13.50 to $11.20.

In its report, Citi writes, "We are lowering our target price on MGM Resorts from US$13.50 to US$11.20, mainly reflecting the decline in market value of its interest in MGM China. We have lowered our 2011-13E earnings estimates by US$3m to US$5m after updating our model with the group's latest quarterly filing. We maintain our Hold (2H) rating."

Shares of MGM closed Wednesday at $10.27, down 3.84% from Tuesday's close.