MGM Resorts price target lowered to $57 from $60 at JMP Securities

JMP Securities analyst Jordan Bender lowered the firm’s price target on MGM Resorts to $57 from $60 and keeps an Outperform rating on the shares. The spillover from MGM’s cyber hack, its tough comp in Maryland, and the labor strike in Michigan were all negative factors impacting gaming revenue growth to start Q4, offset by several new/ramping properties across the U.S., the analyst tells investors in a research note. The firm believes gaming revenue within its coverage declined in the mid-to-low single-digits on average for October, consistent with growth rates in Q3, though spend-per-adult is lapping easier comps to its best month since November 2022.