Why MGM Resorts Stock Is Rolling This Week
Casino owner MGM Resorts International (NYSE: MGM) may be better positioned coming out of the pandemic than it was going in. That's according to a Deutsche Bank analyst who upgraded the stock to buy this week. After that opinion was published, shares of MGM jumped 5% on Thursday's market open. That expanded the gains in the stock for the week, with shares up 7.4% as of 12:15 p.m. EDT Friday.
The stock had been marching higher even prior to the analyst upgrade this week. MGM was able to return its Las Vegas casinos gaming floors to 100% occupancy earlier than planned in May. MGM owns 13 resorts on the Las Vegas strip, and the stock is 39% higher year to date as the recovery from the pandemic has progressed. But the call by analyst Carlo Santarelli helped shares hit an intraday 52-week high on Thursday.
Park MGM resort in Las Vegas. Image source: MGM Resorts International.
Source Fool.com
