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MGM Resorts International (NYSE:MGM) saw a sharp increase in its share price after analysts at Credit Suisse boosted its rating for the hospitality brand this week.
MGM is a hospitality giant in the United States and, since its inception in 1986, has established a presence across the country and operates flagship properties — the Bellagio, MGM Grand, and Mandalay Bay — in Las Vegas.
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In line with the wider hospitality sector, MGM suffered a catastrophic blow in March last year, with governments imposing strict lockdown measures to curb the COVID-19 pandemic. The company's share fell to as low as $7.17 on March 19, which represented close to a 79% drop from when the market first opened that year on Jan. 2.
The price of the stock slowly climbed up through 2020, shooting past the $30 level in December. With the U.S. easing its lockdown restrictions and vaccines becoming widely available, the share price has slowly crept back up, managing to break the $40 barrier in March this year.
The share price began soaring once more on Tuesday, when Benjamin Chaiken, an analyst at Credit Suisse, upgraded MGM from “neutral” to “outperform” based on four key factors, which are centered around streamlining the business operationally.
Chaiken also raised the price target on MGM stock from $33 to $68.
How the Returns Stack Up: The analyst's upgrade boosted MGM’s share price by 9.61% on Tuesday and the stock saw some correction on Wednesday to close at $48.15.
MGM stock's value has increased by 129.6% over the past year from $20.97 a year ago, as of Wednesday's close.
This means the stock has outperformed some of Silicon of Valley's behemoths. Apple Inc (NASDAQ:AAPL) has returned 16.27% gains over the past year, Microsoft Corporation (NASDAQ:MSFT) has returned 34.16% gains, Tesla Inc (NASDAQ:TSLA) has returned 75.8% gains, and Facebook Inc (NASDAQ:FB) has returned 19.4% gains.
Photo: Courtesy of groundzero via Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.