Mizuho initiated coverage of MGM Resorts with a Buy rating and $61 price target. MGM is one of the largest global gaming and entertainment companies, with a large domestic presence, as well as international exposure and an online gaming operation, notes the analyst, who believes the domestic opco structure is “materially undervalued” given several moving parts. MGM has the opportunity to generate significant free cash flow and buy back shares, the analyst tells investors.
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