MGM Resorts price target raised to $60 from $55 at JPMorgan

JPMorgan analyst Joseph Greff raised the firm’s price target on MGM Resorts to $60 from $55 and keeps an Overweight rating on the shares post the Q1 results. Following MGM’s stronger than expected results in Macau, Las Vegas and its U.S. regionals casinos, the firm increased projections in Macau "fairly meaningfully." The analyst now sees the company’s 2024 property-level EBITDA 16% above pre-pandemic levels. Looking ahead, MGM’s visibility in Las Vegas is encouraging with its pace up year-over-year every month from now until November, with weekend pricing strength and a fairly even pace within its higher end properties versus its lower price point ones, the analyst tells investors in a research note.