MGM Resorts price target lowered to $45 from $47 at Truist

Truist lowered the firm’s price target on MGM Resorts (MGM) to $45 from $47 and keeps a Buy rating on the shares. The firm cites “more conservatism” on the company’s Las Vegas Strip growth inflection for the target cut. November Strip gross gaming revenue dropped 1% year-over-year, primarily on lower table and baccarat win, the analyst tells investors in a research note. Truist reduced estimates for both MGM and Caesars (CZR) citing “soft” Strip RevPAR but views both stocks as “inexpensive” with the “Strip challenges well known.”