By Dhirendra Tripathi
Investing.com – MGM Resorts (NYSE:MGM) rose 4.4% as Deutsche (NYSE:DB) put a buy on the stock with a $54 target.
The target price is 20% higher than the stock’s current level of $45.
Deutsche’s Carlo Santarelli earlier had a hold on MGM Resorts.
According to Santarelli, the next leg of a MGM rally is one of improving margins well beyond the over 30% target set by management.
MGM is also seen benefiting from trends in Las Vegas including group bookings and Raiders football, according to the analyst. The potential for strategic action and/or monetization of the sports vertical is also noted, the analyst report mentioned.
MGM Resorts shares have had a good run in the market last one year, rising 133%.