MGM Resorts International (NYSE:MGM) shares are trading lower Tuesday after the company announced financial results.
MGM said first-quarter revenue increased 73% year-over-year to $2.9 billion, which beat the $2.78 billion estimate. The company reported quarterly adjusted earnings of 1 cent per share, which beat the estimate for a loss of 7 cents per share, according to data from Benzinga Pro.
MGM said it has repurchased $2.8 billion of its common stock since January 2021. More than $1 billion was repurchased during the first quarter of 2022.
MGM also highlighted its tender offer for LeoVegas, which was announced Monday morning. The proposed acquisition will allow MGM to expand into international online gaming with a world class management team, strong IT platform and growth prospects.
- Wells Fargo analyst Daniel Politzer maintained MGM with an Overweight rating and raised the price target from $56 to $57.
- JPMorgan analyst Joseph Greff reinstated MGM with an Overweight rating and announced a $53 price target.
- Morgan Stanley maintained MGM with an Equal-Weight rating and raised the price target from $51 to $52.
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MGM 52-Week Range: $35.72 – $51.17
The stock was down 2.42% at $40.96 at press time.
Photo: courtesy of MGM.