MGM Resorts International, one of the most well-known and respected companies in the entertainment and hospitality industry, has been making waves on Wall Street with its strong performance and promising future outlook. According to one analyst, MGM stock has all the makings of a winner in the market.
Analyst Mark Harris of Johnston & Co. recently published a report on MGM’s stock, giving it a “buy” rating and setting a target price of $50 per share. Harris cited several key factors contributing to his bullish outlook on the stock, including MGM’s diverse portfolio of properties, strong financial performance, and strategic investments in the fast-growing online gambling market.
MGM Resorts International operates iconic resorts and casinos in major cities such as Las Vegas, Macau, and Atlantic City, as well as several regional properties across the United States. The company’s diverse portfolio of properties has helped it weather the storm of the COVID-19 pandemic, with MGM reporting better-than-expected earnings in recent quarters.
In addition to its strong performance in the traditional brick-and-mortar casino business, MGM has been making strategic investments in the online gambling market, which has seen explosive growth in recent years. The company’s BetMGM online betting platform has been gaining market share and generating significant revenue, positioning MGM as a leader in the rapidly expanding online gambling industry.
Harris also highlighted MGM’s solid financial position as a key factor in his bullish outlook on the stock. The company has a strong balance sheet with ample liquidity, allowing it to weather economic downturns and pursue growth opportunities. MGM’s management team has been proactive in managing costs and driving operational efficiencies, further bolstering the company’s financial stability.
Looking ahead, Harris believes that MGM’s stock has significant upside potential, driven by the company’s strong performance and promising growth prospects. With continued expansion in the online gambling market and a recovery in the traditional casino business as the economy rebounds from the pandemic, MGM is well-positioned to deliver strong returns for investors.
Investors have taken notice of Harris’s positive assessment of MGM stock, with shares of the company rising in recent trading sessions. As MGM continues to execute on its strategic priorities and deliver solid financial results, it could be poised for further gains in the market.
Overall, MGM Resorts International appears to have all the makings of a winner in the stock market, according to analyst Mark Harris. With its diverse portfolio of properties, strong financial performance, and strategic investments in the online gambling market, MGM is well-positioned for long-term success and continued growth. Investors looking for a solid investment opportunity in the entertainment and hospitality sector may want to consider adding MGM stock to their portfolios.
