Susquehanna upgrades MGM Resorts to Positive as management ‘hitting accelerator’

As previously reported, Susquehanna analyst Joseph Stauff upgraded MGM Resorts to Positive from Neutral with a price target of $54, up from $46. MGM’s Q1 print was “a modest beat,” but what stood out for the firm and lead to its upgrade was its management call, where “there seemed to be a much better focus on the outlook,” the analyst tells investors. Management conveyed both an expectation to invest more capital in its highest-returning asset in Las Vegas and additional tools it has to both optimize yields through a softer Q2 environment before accelerating growth from investments and the firm is now confident this will lead to more significant upward estimate revisions in 2024 and into 2025.