UBS Maintains a 'Neutral' on MGM Resorts (MGM); Cotai Approval 'Imminent'

May 4, 2012 2:51 PM EDT
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Price: $28.74 +0.17%

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UBS maintains a 'Neutral' on MGM Resorts (NYSE: MGM) price target lowered from $14.30 to $14.00.

Analyst, Robin M. Farley, said, "MGM guided to Q2’12 and FY’12 RevPAR guidance of up in the mid single digits. Vegas group business may end the year at flat number of room nights, but mix will be up slightly (mostly in Q2’12) due to increase in rooms out of service at MGM Grand. Group booking pace is up significantly for ’13 and ’14. MGM Grand renovations still expected to conclude in Sept’12."

"Cotai Approval “Imminent” But for Early Stage of Approval Process"

USB lowers FY12 EPS from (0.42) to (0.52) and FY13 from (0.25) to (0.41).

For an analyst ratings summary and ratings history on MGM Resorts click here. For more ratings news on MGM Resorts click here.

Shares of MGM Resorts closed at $12.92 yesterday.

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