Wells Fargo analyst Daniel Politzer reiterated an Underweight rating and $31.00 price target on MGM Resorts (NYSE: MGM).

The analyst comments "We update our estimates on actuals from the 10-K and intra-quarter GGR trends. Estimates come down for 1Q across LV, Regionals, and China; we increase our full-year LV EBITDAR estimate and our out-year Digital EBITDA. Stay UW, PT $31. Regionals. We true up our regionals for GGR estimates through February, which has been negatively impacted by weather, actuals for expense items, and timing on Northfield Park, which we estimate as a June 1 close. Accounting for business interruption expense in 1Q25, EBITDAR was ~$267m. Our 1Q26 EBITDAR estimate goes to $267m vs. our prior $296m or flat on a like/like basis. Our 2026E EBITDAR goes to $1.045b vs. prior $1.123b. Las Vegas. We lower our 1Q26 Las Vegas EBITDAR to $749m from $782m as we true up our estimates to reflect for actuals on expense items, better visibility in the quarter, and the business interruption benefit of $37m in 1Q25. Our 2026E EBITDA goes to $2.743b, +3% vs. prior. Our 2Q26 EBITDAR goes to $715m, which compares w/ 2Q25 EBITDAR of ~$750m adj. for ~$40m of hold/promo headwinds. MGM should begin to start lapping easier leisure comps in Summer. MGM China. We lower our 1Q26E EBITDAR to $307m from $329m on weaker hold during CNY. Our volumes throughout the year are largely unchanged, and our 2Q-4Q26E EBITDAR is roughly in line with our prior estimates. MGM Digital. Our 2026E estimates are unchanged, but we expect MGM Digital to inflect positively in 4Q26 and continue on a sequential basis in '27/'28."

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Shares of MGM Resorts closed at $35.37 yesterday.