UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on MGM Resorts International as Investments Will Pay Dividends

In a report published Wednesday, Credit Suisse analyst Joel Simkins reiterated an Outperform rating on

, and raised the price target from $30.00 to $33.00. In the report, Credit Suisse noted, “As the LV recovery continues we see the MGM portfolio (27% of LV room capacity) as well-positioned for growth. We believe $720m of current investments (not all funded by MGM) including a new arena, convention space, the Delano, and ancillary attractions will pay significant dividends for MGM beginning in 2016, particularly at Mandalay Bay, NY-NY, Luxor and Monte Carlo.” MGM Resorts International closed on Tuesday at $25.27.