Market Overview

UPDATE: Credit Suisse Upgrades MGM Resorts International to Outperform on Balance Sheet Recovery

Related MGM
FBR Says Macau Valuations Are 'Starting To Look Interesting'
Casino ETF Keeps Landing On Red

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.

Latest Ratings for MGM

DateFirmActionFromTo
Sep 2014Argus ResearchDowngradesBuyHold
Sep 2014JP MorganMaintainsOverweight
Aug 2014JP MorganMaintainsOverweight

View More Analyst Ratings for MGM
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (MGM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters