Truist analyst Barry Jonas upgraded MGM Resorts to Buy from Hold with a price target of $50, up from $40. The analyst states that he had historically been more cautions with bear-case macro risks related to the Strip and destination markets, but he also expects relative outperformance in 2023 on the Strip’s strong event calendar and returning midweek business travel. Jonas adds that valuation on MGM Resorts is "compelling" as non-Macau entity is trading at a 1-times turn discount relative to the regionals.
Published first on TheFly
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