MGM Resorts price target lowered to $57 from $59 at JMP Securities

JMP Securities lowered the firm’s price target on MGM Resorts to $57 from $59 and keeps an Outperform rating on the shares. The quarter was in line with the firm’s expectations and slightly ahead of consensus, the analyst tells investors in a research note. The third quarter set up appears in line with JMP’s prior expectations, while Q4 now brings uncertainty, but the mid-double-digit free cash flow per share growth is sustainable with Las Vegas pricing initiates, domestic online inflection in future years, the digital initiatives outside the U.S. led by Gary Fritz, and the consistency out of Macau, the firm argues.