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MGM Resorts (NYSE:MGM) International’s stock has faced significant headwinds, touching a 52-week low of $30.68. The renowned casino and hospitality giant has not been immune to the broader market’s volatility, which has seen many stocks retreat from their previous highs. InvestingPro analysis indicates the stock is trading near its Fair Value, with analysts setting price targets between $41 and $60, suggesting potential upside opportunities despite current market conditions. Over the past year, MGM’s stock has experienced a notable decline, with a 1-year change showing a decrease of 28.02%. Despite these challenges, the company maintains a healthy gross profit margin of 45.51% and achieved revenue growth of 6.66% over the last twelve months. This downturn reflects a challenging period for the industry, which has been grappling with a slow recovery post-pandemic and the impact of global economic pressures. Investors are closely monitoring the company’s strategies to navigate these obstacles and capitalize on potential growth opportunities as the market conditions evolve. InvestingPro subscribers have access to 8 additional exclusive ProTips and a comprehensive Pro Research Report that provides deep-dive analysis of MGM’s financial health and growth prospects.
In other recent news, MGM Resorts International reported strong fourth-quarter earnings, with property-level EBITDAR reaching $1.24 billion, surpassing expectations and contributing to a positive outlook from several analyst firms. JPMorgan raised its price target for MGM Resorts to $52, citing robust performance in Las Vegas and Macau. Similarly, CFRA upgraded MGM Resorts’ stock rating to Buy, increasing the price target to $45, following the company’s fourth-quarter earnings that exceeded revenue estimates by $80 million. Mizuho (NYSE:MFG) Securities also lifted MGM’s stock price target to $60, maintaining an Outperform rating, based on expectations of stable financial performance despite significant one-time expenses.
Truist Securities maintained a Buy rating with a $50 price target, noting MGM’s strong regional and Macau operations and a positive outlook for its digital business. In addition to these financial developments, MGM Resorts announced a partnership with the College Basketball Crown, becoming an Official Partner for the new post-season tournament. This collaboration will see MGM hosting the event at its Las Vegas venues, enhancing its visibility and engagement with sports fans. These recent developments highlight MGM Resorts’ strategic initiatives and financial performance, capturing the attention of investors and analysts alike.
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