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Strong Margins At MGM’s CityCenter

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Analyst David Katz of Oppenheimer & Co maintains his "perform" rating on MGM Mirage (NYSE: MGM). The target price for MGM has been raised from $8 to $9.

According to Oppenheimer & Co, the reasonably successful opening of CityCenter, the conclusion of new bank financing and a prospective Macau IPO are important positive catalysts for MGM Mirage’s stock. MGM is engaged in initial discussions with banks to replace its expiring credit facility by 2Q10.

Although MGM Mirage maintains that it would not opt for a further equity offering in the near term, the increasing need for capital raises would continue to pressure the stock. The company expects its 2010 margins to be in the low 20% range, compared to the estimate of 12%, the analyst adds.

Posted-In: David Katz Oppenheimer & CoAnalyst Color Price Target Analyst Ratings

 

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