UPDATE: Deutsche Bank Lowers PT on MGM Resorts from $16 to $13

Deutsche Bank reiterated a Buy rating on MGM Resorts MGM and lowered its price target from $16 to $13. Deutsche Bank noted, “With shares down ~18% in the 3Q to date (vs S&P 500 ~+2%), we find a soft 2Q print largely priced in though we take caution given the way recent EPS reports, into considered to be elevated estimates, have reacted from a stock perspective. In short, we are reducing estimates to account for softer 2Q to date gross gaming revenue trends anecdotal color on soft June trends, and lower non-room/non-gaming spend Lastly, we have lowered our flow through/margin assumptions across the Strip given little in the way of cost reductions to mitigate the top line softness Maintain Buy.” MGM Resorts closed at $9.26 on Friday.