Nomura Securities Maintains a 'Buy' on MGM Mirage (MGM); Kerkorian Reportedly Reduced Stake

Nomura Securities maintains a 'Buy' on MGM Mirage (NYSE: MGM).

Nomura analyst, Harry Curtis, says, "Kerkorian reportedly reduced its MGM stake by ~4% to 111M shares. The stock traded down ~5% after the news broke. StreetAccount indicated the clearing price range was $10.85-$11, although we don’t know if buyers responded to this level. We believe the timing is curious given improving results in Las Vegas and Macau. If the assumed sale price clears at ~$10.90/share, then based on the 8/17 close of MGM China, investors are buying MGM’s domestic business at ~7x our 2012 domestic EBITDA estimate, which is an attractive entry level, in our view."

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 $11.54 yesterday.

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