Nomura Analyst Says Tracinda's MGM (MGM) Stock Sales are a Positive

Analysts at Nomura Securities commented on MGM Resorts (NYSE: MGM) following news that Kirk Kerkorian's Tracinda is selling 20 million shares, which was confirmed earlier.

"It appears Tracinda is slowly liquidating its MGM holdings," analyst Harry Curtis states. "We view this news as a positive. The more Tracinda sells, the less of an overhang on the stock. We continue to see long-term value in MGM as we believe Las Vegas RevPAR trends are intact and we expect growth in Macau as the direct VIP area (opened in December 2011) continues to ramp."

The firm maintained a Buy rating and price target of $16.

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 $13.67 yesterday.

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