MGM Resorts price target lowered to $54 from $58 at Wells Fargo

Wells Fargo lowered the firm’s price target on MGM Resorts to $54 from $58 and keeps an Overweight rating on the shares following quarterly results. The firm notes Q3 adjusted EBITDAR topped its/Street’s estimates, driven by better Las Vegas and regionals, with Macau in line. Las Vegas outlook is bright, MGM’s still 6-times EV/EBITDAR, and thus share repo still prolific, Wells says.