Stifel raised the firm’s price target on MGM Resorts (MGM) to $48 from $44 and keeps a Buy rating on the shares. The Las Vegas Strip will most likely encounter softer operating conditions this summer as booking windows remain short, especially for the lower/mid-tier properties that give MGM and peers little visibility, the analyst tells investors in a research note. At the same time, Stifel says this has been well documented and is fully understood.
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