07:55 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month price target of $59, based on 9.5x our 2024 EBITDA estimate and slightly lower than MGM's 2-year average forward P/E multiple of 10.2x. We raise our 2024 and 2025 adjusted EPS estimates by $0.50 to $3.00 and by $0.50 to $3.25, respectively. MGM posts normalized Q1 EPS of $0.74 vs. $0.44, $0.16 above consensus estimates on revenues of $4.38B vs. $3.87B and $157M above estimates. By segment in Q1, Las Vegas revenues increased 4% Y/Y, Regional declined 4%, and China increased 71%. Las Vegas adjusted EBITDAR declined 1% Y/Y in Q1, Regional declined 12%, and China increased 78%. MGM continues to repurchase shares aggressively, repurchasing $511M in shares in Q1 and reducing total share count by 36% since 2021. We believe the U.S. is starting to show some weakness with Las Vegas revenues increasing 4%, which we credit to the Super Bowl being in Las Vegas while Regional revenues declined. We expect China to offset those weaknesses and believe MGM is well positioned for the next 12 months.