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Jefferies Upgrades MGM Mirage (MGM) to Buy

May 16, 2011 7:20 AM EDT Send to a Friend
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Price: $23.83 -2.62%

Rating Summary:
    22 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 14 | New: 52
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Jefferies upgraded MGM Mirage (NYSE: MGM) from Hold to Buy and raised their price target form $16 to $18

On Las Vegas the firm said, "Our view is that while consumer trends should continue to improve across all segments, the LV Strip market and regional gaming markets warrant a more bullish stance, particularly through 2012."

Recent data and channel checks suggest a positive shift in investment strategy for Las Vegas is warranted, they said. In addition, with cash flow generation levels of Las Vegas depressed, the expect a recovery over the next several quarters.

Jefferies said they believe MGM's financial profile has become neutral and should remain so through 2012. Other catalysts, such as a transaction for the company’s share of Borgata and IPO in Macau are generally priced into the shares and are unlikely to have a meaningful impact in either direction, according to the firm.

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 $14.72 yesterday.

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