UPDATE: Sterne Agee Maintains Neutral Rating, Raises PT for MGM Mirage
In a company report released earlier today, Sterne Agee Group, Inc. maintained its Neutral rating for MGM Mirage (NYSE: MGM) and slightly raised its price target from $14.00 to $15.00.
Sterne Agee went on to say “While it feels like we are the minority, we found MGM's 1Q12 in-line with the thesis for a moderately improving core portfolio (benefiting from a solid LV Strip recovery). Our target price goes to $15 from $14 and we note that MGM's CY13 EV/EBITDA stands at 9.3x, a reasonable multiple given the continuing risks with the domestic consumer versus the upside stock reward, in our view.”
MGM Mirage closed yesterday at $12.92.
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