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MGM Resorts International (NYSE: MGM) shares traded higher on Monday after the company landed an analyst upgrade as it continues to roll out its BetMGM sports betting app.
The Analyst: Bank of America analyst Shaun Kelley upgraded MGM from Underperform to Neutral and raised his price target from $25 to $35. Kelley also downgraded
Las Vegas Sands Corp. (NYSE: LVS) from Buy to Neutral and reiterated his $57 target price.
The Thesis: Kelley said his ratings adjustments are based on his increasingly bullish outlook for a recovery in Las Vegas and a booming U.S. online sports betting market. At the same time, Kelley is growing increasingly cautious on the outlook for Macau, China.