UPDATE: Stifel Raises PT on MGM Resorts International on Positive Outlook

In a report published Wednesday, Stifel analyst Steven Wieczynski reiterated a Buy rating on

, and raised the price target from $20.00 to $26.00. In the report, Stifel noted, “In light of our expectation for the post-recession LV Strip recovery story to accelerate in 2014, due in large part to an improved group/convention booking outlook, and our belief that Macau market-wide GGR should be able to grow at 12% to 15% per annum in 2014 and beyond, paced by building mass market visitation, a modestly improved China macro picture and new property openings, we are raising 2014E/2015E EBITDA from $2.19B/$2.33B to $2.24B/$2.41B, respectively. Accordingly, we are reiterating our Buy rating on MGM shares and raising our target price to $26 (+$6).” MGM Resorts International closed on Tuesday at $19.55.