MGM climbs as analyst increases price target
Lawrence A. Klatzkin said Macau is still performing well, with the recent opening of Las Vegas Sands Corp.’s Venetian Macao Hotel Resort bringing in more revenue and visitors than anticipated. Business at other casinos in the market has held up better than expected, he added.
MGM is set to open its us$ 1.1 billion joint venture, the MGM Grand Macau, later this year. Klatzkin boosted his 2007 earnings per share estimate to us$ 2.52 from us$ 2.45 and raised his 2008 earnings forecast to us$ 3.57 per share from us$ 3.42 per share.
He remains confident that MGM is turning into a more diversified business, with interests in gaming, hotel management and joint venture land development. Klatzkin increased his share price target on MGM to us$ 118 from us$ 115.
Shares of MGM Mirage gained 92 cents to us$ 87.55 in morning trading. The stock hit a fresh high of us$ 89.25 earlier in the session, topping the us$ 89 reached on Tuesday.
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