April 16, 2024 2 min read

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Analysts Bullish on MGM Resorts Stock for Near-Term Rebound

Despite a recent dip in the company's stock price, MGM remains positioned well for a near-term stock rebound, according to financial analysts

MGM Resorts International, the globally recognizable entertainment and gaming operator, received a “Buy” rating for its stock by an expert analyst, while another firm recently highlighted the possibility for the company’s stock to rebound, despite recent dips.

As of the market close on Monday, April 15, 2024, MGM’s stock traded at $42.85 per share. A comparison to the last five days marked a decrease of 7.75%. Data from the last month showed a slight 2.88% decrease while overall, for the last six months, the shares have gone up by nearly 16%.

Despite the decrease for the last week, expert analysts remain bullish on MGM’s stock. Vitaly Umansky, an analyst with Seaport Global, confirmed Monday a “Buy” rating for MGM’s stock, highlighting a price target of $56.00, as reported by Benzinga. On the other hand, Stephen Grambling from Morgan Stanley raised MGM’s stock rating to Equal-Weight, setting a price target of $46.00.

Mizuho’s analyst, Ben Chaiken, just like Umansky, announced a “Buy” rating for MGM. The expert set a current price target of $61.00.

Schaeffer’s Investment Research Says MGM’s Stock Is Poised for Near-Term Rebound

On the other hand, Schaeffer’s Investment Research, the leading privately held publisher of stock and options trading recommendations with headquarters in Cincinnati, Ohio, predicted a short-term rebound for MGM. “Specifically, MGM is trading within one standard deviation of its 126-day moving average. According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, six similar signals occurred over the past three years, and the stock finished higher 67% of the time, with an average 4.4% one-month gain,” explained the company. Additionally, Schaeffer’s added: “From its current perch, a comparable move would put MGM Resorts stock at nearly $45 per share.”

The company basically explained that despite fluctuations, some 67% of the time, MGM’s stocks finished trading higher. On average, the stocks have seen a 4.4% one-month gain. This otherwise means that the estimated price target for MGM’s stock is approximately $45.00 per share, according to Schaeffer’s.

On Monday, MGM confirmed it filed a Complaint for Declaratory and Injunctive Relief against the Federal Trade Commission (FTC) and its chair, Lina Khan, over the FTC’s Civil Investigative Demand (CID) request for data regarding a cyberattack dating back to September. In its lawsuit, MGM claimed its Fifth Amendment rights were violated considering the personal involvement of FTC’s chair in the case, her refusal to recuse herself and the Commission’s refusal to disqualify her.

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