MGM Resorts price target lowered to $48 from $50 at Stifel

Stifel analyst Steven Wieczynski lowered the firm’s price target on MGM Resorts (MGM) to $48 from $50 and keeps a Buy rating on the shares. The firm says that now it has more clarity about gaming revenue trends for Vegas/Regionals/Macau during Q1, it is making modest estimate changes. While LV Strip group/convention traffic/spend has been solid, Stifel believes the lower-end leisure customer remained challenged during Q1. While there are signs that the lower-end customer base has stabilized, the firm believes it makes sense to remain cautious at this point given the short booking window and the fact with gas prices spiking, that could impact drive-in traffic moving forward.