Shares of MGM Resorts International MGM are under pressure again Wednesday following recent reports of increased government oversight of casinos in Macau.
The Macau news isn't great, but on the cyclical side, Odyssey Capital Advisors' Jason Snipe likes MGM Resorts stock, he said Wednesday on CNBC's "Fast Money Halftime Report."
MGM Resorts has the "cleanest" balance sheet of the gaming stocks, Snipe said.
Only 13% of the company's business is China-based, he said. Snipe also said he likes the Bet MGM side of the business.
Snipe expects upside from the stock's current levels.
"I think it's a good buy for me here and I know it's down about 4% again today, so I might actually pick up a little bit more," he said.
Another bullish call on MGM came Wednesday in the form of Wells Fargo analyst Daniel Politzer's initiation of coverage on MGM Resorts with an Overweight rating and $55 price target.
Related Link: Why MGM Is The Top Casino Pick For Wells Fargo
MGM Price Action: MGM Resorts has traded as high as $45.34 and as low as $19.55 over a 52-week period.
The stock lost 2.49% in Wednesday's session, closing at $40.38.
Photo: fltmech98 from Flickr.
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