Citizens JMP analyst Jordan Bender downgraded MGM Resorts (MGM) to Market Perform from Outperform without a price target Every several years, the Las Vegas market slows beyond the traditional seasonal slowdown and “this appears to be one of those years,” the analyst tells investors in a research note. The firm believes companies with no growth and 100% operating company exposure, like MGM, will not see valuation improve back to historical levels. The shares represent fair value until MGM can demonstrate its ability to return to growth and drive positive operating leverage, contends Citizens JMP. It sees more attractive ways to own the gaming space.
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