MGM Resorts price target lowered to $54 from $56 at JMP Securities

JMP Securities lowered the firm’s price target on MGM Resorts (MGM) to $54 from $56 and keeps an Outperform rating on the shares. MGM’s Q3 EBITDAR missed consensus expectations by 1% despite benefiting from insurance claims stemming from the cyberattack in 2023, though BetMGM generated a profit in the period yet remains in an investment period with losses expected in the coming quarters, the analyst tells investors in a research note. The firm adjusted its EBITDA estimates to reflect a slightly more challenged environment on the Las Vegas Strip and its regional markets and expects revenue to slow across the total enterprise in 2025 following several years of same-store growth exiting the pandemic.