Credit Suisse Maintains a 'Neutral' on MGM Mirage (MGM); Adjusting PT & Estimates
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Price: $15.34 --0%
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 31 | New: 12
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 31 | New: 12
Trade MGM Now!
Credit Suisse maintains a 'Neutral' on MGM Mirage (NYSE: MGM), PT increased from $12 to $14.
Credit Suisse analyst says, "While MGM has remediated its balance sheet to a large degree by amending, extending, and issuing new debt/equity, we remain skeptical about the strength of a Vegas recovery in 2011. Although MGM has clearly made strides in Macau, this is only a small portion of the overall portfolio and until MGM can generate significant EBITDA growth in Las Vegas, we see more value accruing to bondholders than equity investors."
"W have raised our 1Q11 EPS and EBITDA estimates to ($0.19) and $308.5m from ($0.21) and $283.9m, respectively. Furthermore our EPS and EBITDA estimates for fiscal 2011 move to ($0.62) and $1321.7m from ($0.71) and $1,204.9m, respectively, mainly as a result of stronger expectations for RevPAR recovery in the Las Vegas market, and growth in the Macau market that has blown away expectations. In addition, we have adjusted our 2012 EPS and EBITDA estimates to ($0.14) (old: ($0.39)) (+$0.25m) and $1,537.8 (+$136.4m), respectively. Furthermore, we are introducing 2013 EBITDA and EPS estimates of $1,691.3m and $0.11, respectively."
For more ratings news on MGM Mirage click here and for the rating history of MGM Mirage click here.
Shares of MGM Mirage closed at $15.07 yesterday, with a 52 week range of $8.92-$16.94.
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Credit Suisse analyst says, "While MGM has remediated its balance sheet to a large degree by amending, extending, and issuing new debt/equity, we remain skeptical about the strength of a Vegas recovery in 2011. Although MGM has clearly made strides in Macau, this is only a small portion of the overall portfolio and until MGM can generate significant EBITDA growth in Las Vegas, we see more value accruing to bondholders than equity investors."
"W have raised our 1Q11 EPS and EBITDA estimates to ($0.19) and $308.5m from ($0.21) and $283.9m, respectively. Furthermore our EPS and EBITDA estimates for fiscal 2011 move to ($0.62) and $1321.7m from ($0.71) and $1,204.9m, respectively, mainly as a result of stronger expectations for RevPAR recovery in the Las Vegas market, and growth in the Macau market that has blown away expectations. In addition, we have adjusted our 2012 EPS and EBITDA estimates to ($0.14) (old: ($0.39)) (+$0.25m) and $1,537.8 (+$136.4m), respectively. Furthermore, we are introducing 2013 EBITDA and EPS estimates of $1,691.3m and $0.11, respectively."
For more ratings news on MGM Mirage click here and for the rating history of MGM Mirage click here.
Shares of MGM Mirage closed at $15.07 yesterday, with a 52 week range of $8.92-$16.94.
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