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
Get Alerts MGM Hot Sheet
Price: $22.51 -1.27%

Rating Summary:
    26 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 17 | New: 25
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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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