Soleil Securities Presents Pairs Trade Opportunity; Upgrades MGM Mirage (MGM), Downgrades Las Vegas Sands (LVS)

September 8, 2010 7:25 AM EDT Send to a Friend
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Price: $22.98 +0.39%

Rating Summary:
    23 Buy, 7 Hold, 0 Sell

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Soleil Securities upgraded MGM Mirage (NYSE: MGM) today, while downgrading rival Las Vegas Sands (NYSE: LVS).

On MGM, the firm raised their rating from Hold to Buy and raised their price target from $13 to $14. The firm cited an attractive valuation after the recent pullback. The current price looks to be discounting a return to <75% of peak EBITDA, according to the firm. They also said MGM is in the early stages of a multi-year convention recovery and balance sheet concerns have been largely addressed.

On LVS, the firm cut their rating from Buy to Hold, but raised their price target from $31 to $34. The firm said while LVS has long been their top pick in the gaming group, the multiple is now at the high end of their comfort zone. The firm said with slightly negative news coming out of Macau and expectations high for Singapore, they see little room for multiple expansion.


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