MGM Mirage (MGM) Surges Higher After Results and Bullish Analyst Call

Shares of MGM Mirage (NYSE: MGM) continue to rocket higher today following earnings after the bell and a major upgrade this morning from Bank of America. Shares are up 30% currently and have jumped 575% from the March bottom of $1.81, when fears of bankruptcy were rampant.

Positive data on the company's credit situation has fueled the rise in the stock, culminating last week when the company reached an agreement with Dubai World and its lenders on the City Center project.

Today's Bank of America two-notch upgrade of MGM Mirage, from Underperform to Buy, with an aggressive $15 price target has set the stage for further buying.

It is becoming clear to investors that MGM may be able to weather the storm without selling their prize casino properties. Once a sustained pick-up in Vegas materializes, investors view MGM as one of the best positioned to benefit.

The move higher is MGM is also benefiting Las Vegas Sands (NYSE: LVS) today, with the stock up 17% today. It too got a boost from the analyst at Bank of America, but only to a more muted "Neutral" rating.

UPDATE: Click here to see some highlights from the company's Q1 conference call.

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