MGM Resorts price target raised to $60 from $56 at JMP Securities

JMP Securities analyst Jordan Bender raised the firm’s price target on MGM Resorts to $60 from $56 and keeps an Outperform rating on the shares. MGM’s EBITDAR for Q4 of $957M beat expectations by 11%, driven by Las Vegas 12% above consensus and the regional market +7%, the analyst tells investors in a research note. The effort to optimize the Las Vegas portfolio, better align the cost structure in recent years, and the improvement in non-gaming additions across the strip has fueled the impressive EBITDAR growth, the firm says.