Janney Montgomery Scott Upgrades MGM Mirage (MGM) to Neutral; Better Trends Likely Going Forward

Janney Montgomery Scott upgraded MGM Mirage (NYSE: MGM) from Sell to Neutral. PT increased from $12 to $14.

JMS analyst says, "We believe that trends finished the 1Q strong, as visitation improved both on the transient and convention side in Las Vegas. This could lead to a better than expected 1Q when results are reported. We are finally at the end of the new supply on the Las Vegas Strip and do not expect to see a significant amount of new rooms come online in the market for years. At the same time, we also see an increase in airline capacity to over seats in March...However, at this price, we believe the stock warrants a Neutral and not a Sell rating."

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 $13.26 yesterday.

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