Wells Fargo Keeps Their Buy Rating on MGM Resorts (MGM)

Wells Fargo analyst Daniel Politzer maintained a Buy rating on MGM Resorts (MGMResearch Report) today and set a price target of $53.00. The company’s shares closed yesterday at $32.46.

According to TipRanks, Politzer is an analyst with an average return of -7.1% and a 30.51% success rate. Politzer covers the Services sector, focusing on stocks such as Boyd Gaming, MGM Resorts, and Carnival.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MGM Resorts with a $51.77 average price target.

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Based on MGM Resorts’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.26 billion and a net profit of $1.78 billion. In comparison, last year the company earned a revenue of $2.27 billion and had a net profit of $104.75 million

Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MGM in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China. The Las Vegas Strip Resorts segment consists of the following casino resorts: Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New, Excalibur, Park MGM, and Circus Las Vegas. The Regional Operations segment consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; and MGM Springfield in Springfield, Massachusetts. The MGM China segment consists of MGM Macau and MGM Cotai. The company was founded by Kerkor Kerkorian on January 29, 1986 and is headquartered in Las Vegas, NV.

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