Brean Murray Carret & Co. Upgrades MGM Mirage (MGM) to Buy
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Price: $15.50 +1.04%
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade MGM Now!
Brean Murray Carret & Co. upgraded MGM Mirage (NYSE: MGM) from Hold to Buy with a price target of $15.
The firm comments, "We are upgrading MGM shares to a Buy as gaming revenue trends remain solid in the US through August, despite economic headlines, while the valuation for MGM allows for significant upside in the shares if a recession is avoided. We also believe that the value of the company’s Macau assets as well as the potential for its Cotai plans should limit downside in the stock. Our $15 target price incorporates $7 per share for Macau and a 2012 EV/EBITDA multiple of 11x its wholly owned assets."
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 $10.32 yesterday, with a 52 week range of $9.01-$16.94.
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The firm comments, "We are upgrading MGM shares to a Buy as gaming revenue trends remain solid in the US through August, despite economic headlines, while the valuation for MGM allows for significant upside in the shares if a recession is avoided. We also believe that the value of the company’s Macau assets as well as the potential for its Cotai plans should limit downside in the stock. Our $15 target price incorporates $7 per share for Macau and a 2012 EV/EBITDA multiple of 11x its wholly owned assets."
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 $10.32 yesterday, with a 52 week range of $9.01-$16.94.
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