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MGM Pullback Creates 'Long-Term Opportunity,' Stifel Says

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Shares of MGM Resorts (NYSE: MGM) are down 1.1 percent to $24.58 in the face of bullish comments from Stifel.

Analyst Steven Wieczynski believes the pullback off the $28.75 high last month “creates long term opportunity” for investors.

The pullback was due in part in to a market-wide selloff in growth-oriented names and pressure “as a result of investors using weekly Macau GGR statistics to reach longer-term growth conclusions for the market.”

Wieczynski remained constructive on MGM because:

  • ”Current valuation gap to Macau-centric operators should narrow as 1H16 Cotai opening draws nearer.”
  • ”Strong group/convention booking outlook bodes well for the balance of 2014.”
  • ”Regional development projects further enhance the long-term EBITDA growth outlook.”

Latest Ratings for MGM

DateFirmActionFromTo
Mar 2015CLSADowngradesBuyOutperform
Mar 2015Brean CapitalInitiates Coverage onBuy
Feb 2015JP MorganMaintainsOverweight

View More Analyst Ratings for MGM
View the Latest Analyst Ratings

Posted-In: Steven Wieczynski StifelAnalyst Color Analyst Ratings

 

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