Jefferies downgraded MGM Resorts (MGM) to Hold from Buy with a price target of $44, down from $50, after resuming coverage of the name. The firm views MGM’s operating structure as an overhang to its long-term earnings durability. In the near-term, Las Vegas leisure volatility and increasingly tougher Macau compares “should mute” the company’s growth prospects, the analyst tells investors in a research note.
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