MGM Resorts International (MGM) saw its stock soar 5.01% during Tuesday's trading session, despite mixed signals from analysts. The surge comes as Wall Street continues to show confidence in the casino and hospitality giant, even as some firms adjust their price targets.
Barclays reiterated its Overweight rating on MGM Resorts, signaling continued optimism about the company's prospects. However, the firm did lower its price target from $47 to $41, reflecting some near-term caution. Similarly, Seaport Global maintained its Buy rating on MGM while adjusting its price target to $42 from $46.
Despite these price target reductions, the overall sentiment remains positive. According to analysts polled by FactSet, MGM Resorts maintains an average rating of Overweight with a mean price target of $46.94. This bullish outlook appears to be driving investor confidence, contributing to the significant stock price increase. The market's reaction suggests that investors are focusing on the maintained positive ratings rather than the modest price target cuts, reflecting optimism about MGM's long-term potential in the recovering hospitality and gaming sectors.
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