MGM Resorts price target lowered to $39 from $44 at UBS

UBS lowered the firm’s price target on MGM Resorts (MGM) to $39 from $44 and keeps a Neutral rating on the shares. MGM recently noted that Q3 in Vegas was shaping up to look a lot like Q2, which UBS says suggests means that Q3 could end up with a similar decline in EBITDA to the -9% Vegas decline seen in Q2, and that is after excluding the business interruption proceeds in Q3 of last year, the analyst tells investors in a research note. UBS believes that Q2 had seen a sequential downtick from April to June, with June very soft, and that softness continued in July, while August may have been a little better than July, and September may improve a little from August, but also at a modest pace.