MGM Resorts Worldwide (NYSE:MGM) is making new 52-week highs throughout Tuesday’s buying and selling session. The inventory was featured as the decision of the day Tuesday on CNBC’s “Quick Cash Halftime Report.”
What Occurred: Credit score Suisse analyst Benjamin Chaiken upgraded MGM Resorts to Outperform and raised the worth goal from $33 to $68.
Wright’s Take: Decatur Capital Administration’s Degas Wright agrees with the Credit score Suisse improve and mentioned the inventory goes to proceed to pattern larger.
MGM Resorts has a light-weight asset mannequin that’s doing very properly, Wright mentioned. The corporate’s BetMGM product “is a development engine” for the inventory, he mentioned.
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MGM Resorts owns 50% of the rooms in Las Vegas and has very restricted publicity to Macau, he mentioned, including the corporate has a photo voltaic facility that gives electrical energy to its properties in Las Vegas.
“Positives all the way in which round. We actually just like the inventory and it may proceed to run, so this can be a inventory to carry,” Wright mentioned.
MGM Value Motion: MGM Resorts has traded as little as $19.55 over a 52-week interval. The inventory closed up 9.6% at $48.69.
Photograph: Ken Lund from Flickr.