UBS Maintains a 'Neutral' on MGM Resorts (MGM); Adjusting Strip Gaming Revenues Down
Tweet Send to a FriendGet Alerts MGM Hot Sheet
Price: $14.93 --0%
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 13
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 13
Trade MGM Now!
UBS maintains a 'Neutral' on MGM Resorts (NYSE: MGM) price target of $11.00 (from $12.00).
Analyst, Robin M. Farley, said, "In light of recent softer than expected gaming revenue growth trends in Vegas, we are adjusting ‘13 Strip gaming revenue estimates for MGM to up +3% from +4% previously. Recall, most recent Strip gaming revenue trends for the market showed deceleration in June, down –4.5% vs. flattish trends YTD thru May’12. Strip gaming revs ex-baccarat were also down mid single digit YOY in June. June’12 visitations are up +2.1%, while visitations ex-convention up +2.2%, so that conventions in June +0.7% YOY." (FY13 EPS estimate lowered from (0.22) to (0.29))
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 $10.48 yesterday, with a 52 week range of $7.40-$14.94.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Robin M. Farley, said, "In light of recent softer than expected gaming revenue growth trends in Vegas, we are adjusting ‘13 Strip gaming revenue estimates for MGM to up +3% from +4% previously. Recall, most recent Strip gaming revenue trends for the market showed deceleration in June, down –4.5% vs. flattish trends YTD thru May’12. Strip gaming revs ex-baccarat were also down mid single digit YOY in June. June’12 visitations are up +2.1%, while visitations ex-convention up +2.2%, so that conventions in June +0.7% YOY." (FY13 EPS estimate lowered from (0.22) to (0.29))
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 $10.48 yesterday, with a 52 week range of $7.40-$14.94.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Janney Capital Trims Numbers on Buckle (BKE), Margins Peaking
- Workday (WDAY) Success Continues but Valuation Lofty, Goldman Maintains Neutral
- Pandora (P) Posts 'Strong Quarter' - Needham & Company
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
UBS
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
