Argus Upgrades MGM Resorts (MGM) to Buy
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Argus upgraded MGM Resorts (NYSE: MGM) from Hold to Buy with a price target of $32.00.
The upgrade reflects prospects for solid growth in Las Vegas and early signs of recovery in Macau, which we believe have not been fully recognized by investors.
As new casinos open in Macau, they expect casino visits and gaming revenue to increase in 4Q16 and to rise steadily in 2017.
The firm is raising 2016 EPS estimate from $0.66 to $0.75 and our 2017 estimate from $0.98 to $1.16.
Shares of MGM Resorts closed at $26.64 yesterday.
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