With the Super Bowl just days away, keep an eye on MGM Resorts (MGM).
For one, Las Vegas could see about 400,000 arrivals over Super Bowl weekend, which could lead to higher first quarter earnings. Two, it’s expected that about 50.4 million Americans will bet on the Super Bowl this year, potentially betting more than $16 billion, according to some estimates. Three, at the moment, the MGM stock recently caught support at $41.27, and is already starting to pivot higher.
Analysts at Truist raised their price target to $58, with a buy rating. According to TheFly.com, “Truist sees potential catalysts into 2024, including the Las Vegas Super Bowl, a potential downstate New York casino license win at Yonkers, and a continued recovery in Macau.”
Morgan Stanley also raised its price target to $42, with an equal weight rating.