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The market does not seem to be giving enough credit to MGM Resorts International’s (NYSE:MGM) transformation and the company’s recent announcements, according to Credit Suisse.
The MGM Resorts Analyst: Benjamin Chaiken upgraded MGM Resorts International from Neutral to Outperform and raised the price target from $33 to $68.
The MGM Resorts Thesis: The company is now a cleaner and more simplified organization, with a more attractive capital structure, Chaiken said in the upgrade note.
The analyst mentioned MGM Resorts International’s four latest transactions:
Chaiken projected the EBITDAR and earnings for 2021 and 2022 at $2.2 billion and $3.4 billion and at negative 35 cents per share and $1.79 per share, respectively.
MGM Price Action: Shares of MGM Resorts International were trading 8.51% higher at $48.20 late in the final hour of Tuesday's trading session.