Jefferies analyst David Katz reiterated a Buy rating on MGM Resorts (MGM – Research Report) yesterday and set a price target of $53.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
David Katz has given his Buy rating due to a combination of factors related to MGM Resorts’ recent performance and strategic initiatives. The company reported strong quarterly results, surpassing both Jefferies’ and the market’s expectations, driven by a robust regional portfolio and a better-than-anticipated recovery in Macau. Additionally, the company’s digital performance is improving, and there is low single-digit growth in Las Vegas.
The firm’s management is actively engaging in share repurchases, which supports the stock’s value. Furthermore, MGM Resorts has promising long-term projects, such as expansion plans in Japan and potential opportunities in New York, which could enhance future profitability. The integration of new sports betting technology also indicates potential growth in the digital space. These factors collectively contribute to Katz’s positive outlook on MGM’s stock.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $50.00 price target.
MGM’s price has also changed slightly for the past six months – from $37.280 to $34.370, which is a -7.81% drop .