Stock Groups

MGM Soars 7% After Credit Suisse Expects it to More Than Double By Investing.com

by Mike Robinson

[ad_1]

© Reuters.

By Dhirendra Tripathi

Investing.com – MGM Resorts stock (NYSE:) climbed nearly 9% after Credit Suisse (NYSE:) said the stock should more than double from its previous target of $33.

Stock reached $48.30 Tuesday after the brokerage raised the stock from neutral to outperform and set the target price at $68, which is 41% more than the current stock price.

Analyst to Ben Combes said the market isn’t appreciating enough the transformation MGM has undergone, recently announcing four transactions.

MGM Resorts has announced it is buying The Cosmopolitan of Las Vegas, Blackstone’s casino (NYSE:), for $1.62billion.

Combes cites three factors as the drivers of the stock’s upside. The company is now cleaner, more efficient and has a simpler capital structure. It also offers upside to the numbers and improved sentiment.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts, quotes and buy/sell signal. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]