MGM Resorts upgraded to Buy from Hold at Stifel

Stifel analyst Steven Wieczynski upgraded MGM Resorts to Buy from Hold with a price target of $46, up from $42. The analyst believes the Las Vegas Strip momentum "should easily continue" through 2023 and into 2024. He sees more value with Macau and Las Vegas Strip operators versus pure play regional gaming operators. Las Vegas Strip leisure demand remains solid and there is no evidence that customer spending is softening, Wieczynski tells investors in a research note. He says MGM should benefit from the reopening of Macau, potential positive news flow coming out of Japan, and any positive news around a New York gaming license opportunity.