Las Vegas Sun

November 16, 2009

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Analyst upgrades rating

Tuesday, July 16, 2002 | 11:06 a.m.

Credit Lyonnais Securities analyst Bryan Maher has raised his earnings estimates on MGM MIRAGE and upgraded his rating on the company's stock from "add" to "buy."

Maher increased second-quarter earnings estimate from 46 to 48 cents per share. His third quarter earnings estimate increased from 43 to 45 cents, and fourth quarter earnings rose from 44 to 45 cents.

"(Profit) margins are improving a bit quicker than we had previously forecast, particularly in Las Vegas," Maher said.

The stock has fallen recently along with other casino companies over concerns about tax hikes in Illinois and Indiana as well as the threat of a strike in Las Vegas. "We now believe that most, if not all, of this bad news has been priced into the stocks and that now would be a good time for investors to take another look" at the sector, he said.

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