MGM Resorts International (MGM) saw its stock soar 5.12% in pre-market trading on Wednesday, defying a recent target price cut and showcasing investor confidence in the casino and hospitality giant. The surge comes amidst a mix of analyst actions that paint a complex but ultimately optimistic picture for the company.

Truist Securities adjusted its stance on MGM, lowering its target price from $50 to $45. However, this reduction did not dampen overall market enthusiasm. Notably, Truist maintained its "Buy" rating on the stock, signaling continued confidence in MGM's prospects despite the adjusted price target. This maintenance of a positive outlook likely contributed to investor optimism.

Further bolstering the stock's performance is the broader analyst consensus. According to FactSet, MGM Resorts International currently holds an average rating of "overweight" among analysts, with a mean price target of $46.29. This overweight rating suggests that analysts, on average, expect MGM to outperform its sector in the coming months. The collective positive sentiment from Wall Street appears to be a driving force behind today's significant stock movement, overshadowing the isolated target price reduction.