JPMorgan Upgrades MGM Resorts (MGM) to Overweight
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(Updated - May 18, 2021 4:33 AM EDT)
JPMorgan analyst Joseph Greff upgraded MGM Resorts (NYSE: MGM) from Neutral to Overweight with a price target of $47.00 (from $45.00).
The analyst comments "We are upgrading MGM to Overweight for the following reasons: (1) an 11% pullback over the last month, or a reduction of ~$2.5b in its market cap, providing an opportunity to buy with fundamentals continuing to inflect positively, (2) momentum at its domestic casinos, particularly in Las Vegas, where we think every week continues to build in terms of revenues and margin improvement, and a segment which can drive positive estimate revisions, (3) continued digital market share momentum with strong iCasino and sports betting share via its joint venture, BetMGM, and (4) current valuation that one can argue doesn’t given much, if any credit, for its 50% interest in BetMGM and, overall, reflects a below peer valuation (i.e., versus CZR)."
Shares of MGM Resorts closed at $38.75 yesterday.
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