Jefferies Upgrades MGM Resorts (MGM) to Buy, 'Street High' $50 PT

March 15, 2021 4:55 AM EDT
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Price: $41.20 +4.17%

Rating Summary:
    17 Buy, 15 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 24 | New: 32
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(Updated - March 15, 2021 7:49 AM EDT)

Jefferies analyst David Katz upgraded MGM Resorts (NYSE: MGM) from Hold to Buy with a price target of $50.00 (from $36.00).

The analyst commented, "Our upgrade to Buy is based on several items. We expect change in valuation context on improved macro outlook for 2H21-2022, with a steeper recovery trajectory in Las Vegas vs. prior and continued regional strength. As well, tangible evidence of acceleration and leadership capabilities in BetMGM warrants higher value. Macau's recovery and gradualMGP deconsolidation may reward patient investors, and are supportive to our rating. $50target is Street-high"

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 $38.98 yesterday.

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