Zacks reissued their neutral rating on shares of MGM Resorts (NYSE: MGM) in a report released on Friday. Zacks currently has a $13.00 target price on the stock.
Zacks’ analyst wrote, “MGM Resorts’ fourth-quarter 2012 adjusted loss of $0.23 per share was in line with the Zacks Consensus Estimate but wider than the prior-year quarter’s loss of $0.21 per share. In the quarter, the company’s total revenues remained flat year over year at $2.3 billon, although its MGM China segment witnessed a 2.0% annual rise in its revenues to $731.0 million, owing to the rise in the volume of table games as well as slots, respectively. Limited supply in the Las Vegas market, improving trends at CityCenter and a moderate pickup in visits in some domestic properties all bode well for the company. However, a huge portion of debt in its balance sheet, stiff competition in Macau and overall slowdown in China remain causes of concern. Hence, we maintain our Neutral rating on the stock.”
MGM Resorts traded down 1.80% on Friday, hitting $11.97. MGM Resorts has a 1-year low of $8.83 and a 1-year high of $14.80. The stock’s 50-day moving average is currently $12.87. The company’s market cap is $5.856 billion.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank raised their price target on shares of MGM Resorts from $13.00 to $14.00 in a research note to investors on Thursday, February 21st. They now have a hold rating on the stock. Separately, analysts at Sterne Agee reiterated a neutral rating on shares of MGM Resorts in a research note to investors on Thursday, February 21st. They now have a $13.50 price target on the stock, up previously from $12.00. Finally, analysts at Telsey Advisory Group raised their price target on shares of MGM Resorts to $15.00 in a research note to investors on Thursday, February 21st.
Thirteen research analysts have rated the stock with a buy rating, one has issued an overweight rating, and fifteen have assigned a hold rating to the company. MGM Resorts currently has a consensus rating of overweight and a consensus price target of $14.35.
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