J.P. Morgan Reaffirms An Overweight Rating

J.P. Morgan released a research report on MGM Resorts International MGM announcing the near-term catalysts could drive stocks higher and reaffirms an Overweight rating. In the report, J.P. Morgan writes, “This morning, we are reaffirming our Overweight rating on MGM given recent positive channel checks as well as our Las Vegas Strip room rate surveys, which continue to show improving ADR trends on both a year-overyear and revisited basis, while MGM's stock is down ~18% QTD (versus -9% for the S&P500 and below peers LVS and WYNN) on slowing macro-related concerns and Tracinda's selling shares (Kirk Kerkorian's Tracinda sold 20m shares for $10.74; maintains ~22.8% ownership stake).” J.P. Morgan has an Overweight rating and a price target of $20.00 on MGM Resorts International, which closed yesterday at $10.58.