Stifel lowered the firm’s price target on MGM Resorts to $55 from $59 and keeps a Buy rating on the shares. The company’s Q3 capital return program far exceeded the firm’s expectations and its LV Strip results were solid, the analyst tells investors. The firm is now modeling a moderate recession starting in the second half of 2024. While Stifel believes it is currently being “overly conservative” with its estimates of MGM Resorts, the firm notes it is “prudent” to do so given how low investor expectations are.
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