Wells Fargo Initiates Coverage on MGM Resorts Int'l (MGM); Fairly Valued Since Shares Trade Predominantly on Vegas Sentiment

September 28, 2010 4:40 PM EDT Send to a Friend
Get Alerts MGM Hot Sheet
Price: $20.33 +4.79%

Rating Summary:
    23 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
Trade MGM Now!
Join SI Premium – FREE
Wells Fargo initiates coverage on MGM Resorts International (NYSE: MGM) with a Market Perform rating. Valuation range $8-$12.

Wells analyst says, "We believe MGM is a Las Vegas Strip sentiment stock in the near term and as sentiment around Las Vegas Strip fundamentals improves, MGM shares should matriculate higher. Yet we see obstacles to a meaningful near-term recovery and we believe that a return to focus on company-specific fundamentals will curtail significant returns. Furthermore, we believe a Vegas recovery off current bottoms is already baked into shares at current levels. Finally, we view a full-fledged recovery in Strip fundamentals as being farther off than most of our peers."

To see all the upgrades/downgrades on shares of MGM, visit our Analyst Ratings page.

Shares finished up $0.19 (+1.69%) at $11.44.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

New Coverage

Add Your Comment