Wells Fargo analyst Trey Bowers lowered the firm’s price target on MGM Resorts (MGM) to $30 from $31 and keeps an Underweight rating on the shares. The firm’s long-term view on U.S. land-based gaming is unchanged. In its 2026 outlook, Wells said a benign regional supply environment could normalize promotional spend, but this should be more than offset by land-based gaming ceding share to digital gaming. The firm prefers whole-company operators with competitive moats and/or development opportunities. Wells is generally in-line with the Street on Regional EBITDA/R in light of solid Q1 gaming trends.
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