Morgan Stanley analyst Stephen Grambling raised the firm’s price target on MGM Resorts (MGM) to $38 from $37 and keeps an Equal Weight rating on the shares after Boyd (BYD) entered a definitive agreement to sell its 5% stake in FanDuel for $1.75B gross of taxes. The firm believes the “mark” on the FanDuel assets will provide a temporary boost for U.S. gaming assets as the market may anticipate further transactions and/or ascribe similar multiples to peer assets, the analyst tells investors in a research note.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGM:
- MGM Resorts price target raised to $48 from $44 at Stifel
- WYNN, CZR, or MGM: Which Casino Stock Deserves a Throw of the Dice?
- Bellagio, Major Food Group announces debut of CARBONE Riviera this fall
- MGM Resorts price target raised to $57 from $55 at Citi
- MGM Resorts price target raised to $42 from $37 at UBS