UPDATE: Credit Suisse Upgrades MGM Resorts International to Outperform on Balance Sheet Recovery
Credit Suisse upgraded MGM Resorts International (NYSE: MGM) from Neutral to Outperform and raised the price target from $15.00 to $17.00.
Credit Suisse said, "An appetite for yield has allowed MGM to refinance its capital structure as it has extended maturities and reduced borrowing costs. A new lease on life while Strip fundamentals are soft has allowed MGM to target growth projects (Springfield, National Harbor, Cotai) while positioning it to capitalize on a domestic recovery. Catalysts: 1) Selection of preferred bid(s) in Springfield (late January); 2) 4Q12 results (late February); 3) MGM Cotai approvals including land gazette; 4) update on National Harbor; and 5) continued recovery in Strip trends."
MGM Resorts International closed at $12.68 on Monday.
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