Jefferies Upgrades MGM Resorts (MGM) to Buy, 'Street High' $50 PT
- Wall Street rebounds after two-day decline; Netflix slides
- Netflix (NFLX) Plunges Following Q1 Sub Miss, But One Analyst Sees Chance to Turn Bullish
- Oil prices drop 2% on U.S. crude build, COVID-19 surge in India
- Intuitive Surgical (ISRG) Q1 Beat Prompts Two Street Upgrades
- U.S. dollar losses bounce after Canada tips toward higher rates
(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"
Shares of MGM Resorts closed at $38.98 yesterday.
You May Also Be Interested In
- Jefferies Upgrades Citrix Systems (CTXS) to Buy on 3 Catalysts
- New Oriental Education (EDU) PT Lowered to $22 at Jefferies; 'Increasingly Clear Buying Opportunity'
- BHP (BHP:LN) (BHP) PT Raised to GBP25.20 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!