Wall Street was bullish on MGM Resorts
On February 17, MGM Resorts (MGM) reported its 4Q14 results. After the results were announced, Wall Street analysts reviewed the results. They gave their recommendation and the target price.
MGM’s share price exhibited positive movements after its 4Q14 results. MGM’s 200-day moving average share price is $23.22. It had a 52-week high and low of $28.39 and $18.01, respectively.
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The above chart shows the ratings that were given by some of the Wall Street firms. It should be noted that all of the analysts mentioned in the above chart rated the stock as “buy” even though MGM reported a loss of $342 million in 4Q14—compared to a loss of $56.8 million in the same period last year. The mean target price of these 11 brokers is $27.50. This is 26% higher than its closing share price on February 17 at $21.87.
Deutsche Bank gave an unchanged “buy” rating on MGM’s shares with a target price of $29. Nomura gave an unchanged “buy” rating on MGM’s shares with a revised target price of $24 from $25.
Investors who want to invest in the leisure space may invest in ETFs like the Consumer Discretionary Select Sector SPDR Fund (XLY) and the VanEck Vectors Gaming ETF (BJK). BJK has ~25% exposure in these companies.