JMP Securities analyst Jordan Bender lowered the firm’s price target on MGM Resorts (MGM) to $50 from $54 and keeps an Outperform rating on the shares. After touring and speaking with several general managers of land-based gaming casinos in Louisiana and Mississippi, JMP believes trends are stable, with no change in November gaming revenue compared to year-to-date trends in Louisiana and Mississippi, the analyst tells investors in a research note. While barriers to passing an iGaming bill are elevated, but the topic of discussion potentially being led by the governor gives it more validity and a welcome option to help offset any increase in the sports betting tax rate, JMP argues.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MGM:
- Bet On It: Legalized sports gambling measure may face recount in Missouri
- Cisco signs whole portfolio agreement with MGM Resorts
- Bet On It: Sportsbooks wary of Q4 outlook following unfavorable outcomes
- Unusually active option classes on open November 14th
- Bet On It: Missouri voters say yes to legalized sports betting
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
