Credit Suisse Upgrades MGM Resorts (MGM) to Outperform

Credit Suisse analyst Ben Combes upgraded MGM Resorts (NYSE: MGM) from Neutral to Outperform with a price target of $68.00 (from $33.00).

The analyst comments "We are upgrading MGM from Neutral to Outperform and raising our target price to $68. MGM has gone through a transformation, recently announcing four transactions, and we believe the market is not giving full credit. Pro forma, we see three drivers of upside: (1) a cleaner more simplified organization with a more attractive capital structure, (2) upside to numbers (our ’23 consolidated EBITDAR is ~$4.4bn vs street $3.4bn), and (3) improving sentiment."

For an analyst ratings summary and ratings history on MGM Resorts click here. For more ratings news on MGM Resorts click here.

Shares of MGM Resorts closed at $44.42 yesterday.

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