FBR Capital analyst Jake Fuller raised estimates and his price target on Outperform-rated MGM Resorts (NYSE: MGM) to $35.00 (from $30.00) following strong results and upbeat comments.

Fuller weighed in, "MGM Resorts (MGM) turned in a very strong 1Q, but we also heard very bullish call commentary that addressed several lingering questions. Highlights: (1) A double-digit booking pace for the Strip in 2015 yields confidence that a convention/group-led rebound continues and may be gaining steam; (2) Mass business in Macau is now 70% of property EBITDA and that should ease concern around a VIP slowdown; and (3) Strip EBITDA is still over $350 million below peak, suggesting a significant incremental opportunity with real plans in place to recapture that business. We are taking estimates up, increasing our price target to $35 (from $30), and remain a buyer of MGM."

The firm is raising 2014 ($2,532 million to $2,665 million) and 2015 ($2,673 million to $2,827 million) property EBITDA estimates.

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Shares of MGM Resorts closed at $24.98 yesterday.