Wells Fargo Initiates Coverage on MGM Resorts Int'l (MGM); Fairly Valued Since Shares Trade Predominantly on Vegas Sentiment
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Price: $15.54 +0.26%
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Trade MGM Now!
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.
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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.
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