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Wynn Resorts Worth Risk of Macau Restrictions, Morgan Stanley Says
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Why Freeport-McMoRan, Las Vegas Sands, Wynn Resorts and More Fell Today
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MGM’s Bellagio Las Vegas. JPMorgan is bullish on that stock and Caesars. (Image:
New York Post)
Some Wall Street analysts are increasingly bullish on the pair of gaming equities, with JPMorgan’s Joseph Greff joining that group today with positive commentary on the Bellagio and Flamingo operators. In the largest US casino center, weekend occupancy is strong and slated to remain that way through year-end a positive for operators as they wait for convention business to return. Greff sees Las Vegas leading a travel resurgence.
Las Vegas will lead the group recovery, given its appeal as a blend and intersection of leisure and group [travel], the best of both worlds, in our view,” said the analyst.
MGM Resorts Rises as J.P. Morgan Sees Growth in Revenue, Margins
MGM Resorts traded higher after analysts at J.P. Morgan upgraded the casino operator to overweight from neutral and raised their price target to $47.
Author:
Shares of MGM Resorts (
MGM) - Get Report traded higher Tuesday after analysts at J.P. Morgan upgraded the casino operator to overweight from neutral, saying momentum at its domestic casinos, particularly in Las Vegas, continues to build revenues and margin improvement.
Shares of the Las Vegas company at last check rose 4.1% to $40.35.
J.P. Morgan also attributed the upgrade to an 11% pullback in the stock price over the past month.
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