UPDATE: FBR Capital Markets Initiates Coverage on MGM Resorts International with Outperform Rating, $25 PT on Multiple Positive Factors Despite Weak 3Q Results - MGM Resorts Intl (NYSE:MGM)

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In a report published Wednesday, FBR Capital Markets analyst Jake Fuller initiated coverage on initiated coverage on

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MGM Resorts International

(NYSE: MGM) with an Outperform rating and $25.00 price target.In the report, FBR Capital Markets noted, “We are initiating coverage of MGM Resorts International (MGM) with an Outperform rating and a $25 price target. While there was disappointment around 3Q results, we see several positives: (1) strip EBITDA totaled just 60% of the peak, and that leaves a lot of room for the stock; (2) the company is positioned to benefit from the ongoing growth in Macau through its 51% stake in MGM China and a 2016 Cotai opening; (3) strip recovery, dividends from MGM China Holdings, and refinancing efforts should yield ongoing balance sheet improvements; and (4) MGM is in the running for licenses in Massachusetts and Maryland.”MGM Resorts International closed on Tuesday at $19.26.