MGM (MGM) Shares Lower as Credit Suisse Cuts to Underperform

Shares of MGM Resorts (NYSE: MGM) are down nearly 2 percent in pre-market action Tuesday following an earlier downgrade from an analyst at Credit Suisse.

The firm reduced its investment rating on the casino operator from Neutral to Underperform. Credit Suisse also cut its price target on the stock from $14 to $11.

Credit Suisse is concerned with the meager recovery on the Vegas strip, now certainly dampened even further given rising crude oil prices. The firm believes upside from news MGM will hold a majority stake in Macau assets is already priced into the stock.

With MGM Resort shares last trading at $13.09, Credit Suisse's new price target implies potential downside of about 16 percent.

Visit our Analyst Ratings page to track all the market-moving action on shares of MGM Resorts.

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