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Analyst upgrades stock

Monday, Nov. 27, 2000 | 10:51 a.m.

Salomon Smith Barney gaming analyst Michael Rietbrock today upgraded MGM MIRAGE from "neutral" to "buy," saying the stock's recent decline has made it an attractive investment opportunity.

Reitbrock had downgraded Las Vegas-based MGM MIRAGE in May, following a run-up in its share price. But a 29 percent decline from its September high "has created what we view as an attractive entry point in the shares," Reitbrock wrote.

In his research note, Reitbrock also cited "the continuation of healthy operating trends for the company" and "a move to a more realistic set of investor expectations for MGM MIRAGE and the Las Vegas market as a whole."

"(The company), in our opinion, continues to present investors with an extremely attractive combination of asset quality, management depth and financial discipline," Reitbrock wrote.

In morning trading today, MGM MIRAGE stock was up $1.31 to $28.44.

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