Nomura Securities Maintains a 'Buy' on MGM Mirage (MGM); Q3 Review
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Price: $43.68 -0.23%
Rating Summary:
23 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 12 | New: 26
Rating Summary:
23 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 12 | New: 26
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Nomura Securities maintains a 'Buy' on MGM Mirage (NYSE: MGM) price target of $20.00.
Nomura analyst, Harry Curtis, said, "In Las Vegas, group bookings remain strong for 2012 where wholly-owned convention mix is expected to be ~15%, slightly above 2011 mix of 14.5% and at rates that are ~5-6% higher. In Macau, we expect growth as renovations will be completed by year end. Q3 volumes relatively flat seq. (which is attributed to disruptions caused by renovations). We reiterate our Buy. In our view the stock overreacted negatively yesterday due in part to an optically largely than expected seq. decline in Macau and concerns that Tracinda may sell its 23% stake, which we don’t believe will occur. MGM’s domestic operations trade at ~8x our ‘12 EBITDA est, which we find compelling given continued recovery in Las Vegas."
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 $10.73 yesterday.
Nomura analyst, Harry Curtis, said, "In Las Vegas, group bookings remain strong for 2012 where wholly-owned convention mix is expected to be ~15%, slightly above 2011 mix of 14.5% and at rates that are ~5-6% higher. In Macau, we expect growth as renovations will be completed by year end. Q3 volumes relatively flat seq. (which is attributed to disruptions caused by renovations). We reiterate our Buy. In our view the stock overreacted negatively yesterday due in part to an optically largely than expected seq. decline in Macau and concerns that Tracinda may sell its 23% stake, which we don’t believe will occur. MGM’s domestic operations trade at ~8x our ‘12 EBITDA est, which we find compelling given continued recovery in Las Vegas."
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 $10.73 yesterday.
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Kirk Kerkorian, Tracinda Corp., NomuraSign up for StreetInsider Free!
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