Shares of casino operator MGM Resorts International rose 3.4% Thursday, after the company reported stronger-than-expected earnings for its first quarter. CFRA reiterated its strong buy rating on the stock and raised its stock price target to $36 from $34 on the news. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. “MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year,” Chief Executive Jim Murren said in a statement. Shares have gained 7% in 2017, while the S&P 500 has gained 6.6%.
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