MGM Resorts (MGM) PT Raised to $34 at Morgan Stanley as Management is Set for Offense
- Wall Street slips off record highs, Tesla drops after fatal crash
- IBM (IBM) Tops Q1 EPS by 14c, Revenue Beats
- Tesla's (TSLA) Musk says data logs from crashed vehicle show Autopilot was not enabled, car did not purchase FSD
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- GameStop (GME) CEO Gets the Axe as Ryan Cohen Continues to Make His Mark, Analyst Says Co. Will Likely Look to Tech Sector for New Hires
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Morgan Stanley analyst Thomas Allen raised the price target on MGM Resorts (NYSE: MGM) to $34.00 (from $31.00) after 4Q AFFO/share of $0.57 was roughly in line with the consensus $0.59, driven by contractually fixed rent of $207m that was previously disclosed with MGM's earnings. G&A excl stock-based compensation was in line with our model at $3m, while net interest expense was slightly higher at $64m vs. expectations for $62m.
The analyst maintained an Equalweight rating, stating "On the earnings call, mgmt highlighted that discussions are "active", and that it wants to "position...for offense". MGP has built up nearly $2B of liquidity that it may use to pursue deals that are "large" and "complex". Management has no clear preference for Vegas vs. Regional assets and is hopeful it will announce a deal this year. Pro rata net leverage increased to 5.3x from 4.6x last quarter due to MGM's recent OP unit redemption, and is now near the midpoint of its target 5-5.5x range."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FleetCor Technologies (FLT) PT Raised to $323 at BofA Securities
- ACC Ltd. (ACC:IN) PT Raised to INR2,600 at Citi
- Grasim Industries Ltd (GRASIM:IN) PT Raised to INR1,750 at Citi
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesMorgan Stanley, Earnings
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!