UPDATE: Stifel Reiterates Buy Rating, Raises PT on MGM Resorts International Following Solid 2Q13 Results

In a report published Wednesday, Stifel analyst Steven Wieczynski reiterated a Buy rating on

, and raised the price target from $18.00 to $20.00. In the report, Stifel noted, “With MGM shares up 45% YTD (SPX +19%), we believe investors could begin to contemplate additional upside from current levels exiting the quarter. That said, 2Q13 results and management's forward-looking commentary served to cement our favorable long-term thesis on the name, thus we would encourage existing owners to continue accumulating shares and those on the sidelines to consider establishing new positions in the name, all else being equal.” MGM Resorts International closed on Tuesday at $16.91.