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Analyst Says MGM Resorts Has No Catalysts for Growth in Immediate Future

Rich Duprey, The Motley Fool
·2-min read
Analyst Says MGM Resorts Has No Catalysts for Growth in Immediate Future

Casinos may be opening up around the country, but MGM Resorts' (NYSE: MGM) stock is likely to be stuck in place, because there's nothing to move it higher. Jefferies analyst David Katz downgraded his rating of the resort operator to hold from buy and reduced his price target 23% to $17 per share today, arguing there are no catalysts for any price appreciation. While MGM Resorts has properties in China and several regional U.S. markets, Katz notes it is the biggest operator in Las Vegas with the greatest hospitality market share for the MICE (meetings, incentive travel, conventions, and events) business.

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