UPDATE: Citi Group Upgrades MGM Resorts to Buy with Las Vegas Recovery

In a report published Monday, Citi analyst Anil Daswani upgraded MGM Resorts International MGM to a BUY rating, raising price target from $21 to $29. The report noted, “Seeing positive changes in balance sheets and encouraging ADR trends, we are becoming bullish on LV.” Daswani highlighted Las Vegas recovery being a huge factor in the upgrade along with many other stocks in the gaming sector. MGM was also awarded a gaming license in Maryland and expansion expects to be completed in 2016. MGM closed previously on Friday at $23.45.