MGM Gains on JP Morgan Upgrade, Citing Improving Las Vegas Traffic

Investing.com

Tue, May 18, 2021, 6:03 AM1 min read

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By Dhirendra Tripathi

Investing.com – MGM Resorts (NYSE:MGM) shares rose more than 4% Tuesday following an upgrade by JPMorgan (NYSE:JPM) based on valuations and improving business prospects.

While upgrading MGM to overweight with a $47 target, analyst Joseph Greff said the traffic at its Las Vegas casinos is improving, which will help revenue and margin improvement. He said this could drive estimates higher.

The latest target is 16% higher from the stock’s current price of $40.50. Greff’s previous neutral rating for the stock came with a target of $45.

The analyst pointed out that the casino operator’s digital platform had market share momentum. He also said the current valuation didn’t adequately factor in the company’s 50% share in BetMGM, MGM’s sports betting division.

Entain Holdings holds the remaining stake in the joint venture, which is also the headline brand for MGM’s online casino gaming.

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MGM Gains on JP Morgan Upgrade, Citing Improving Las Vegas Traffic

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