MGM Resorts (MGM) PT Raised to $27 at Roth Capital
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Roth Capital analyst David Bain raised the price target on MGM Resorts (NYSE: MGM) to $27.00 (from $20.00) while maintaining a Buy rating.
The analyst comments "Overall, we believe there is true pent-up demand for Las Vegas. However, investor views for corporate convention back-to-normalcy by BH21 is aggressive, in our view. Notable recent convention expansions by competitors in addition to Genting’s $4b opening prior to a full traffic re-ramp increase risk to aforementioned BH21 expectations (while Genting should stimulate additional demand, we believe it is unlikely to be too much more than what is staged to naturally occur). Further, Genting’s opening may spur Las Vegas traffic further north on the Strip versus MGM’s South/Mid-Strip exposure and we note MGM’s $1b Sphere project has been delayed to CY23 from CY21 (though admittedly, the Raider’s and re-ramp of T-Mobile Arena entertainment remain powerful traffic drivers to the South Strip in CY22)."
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