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MGM Soars 7% After Credit Suisse Expects it to More Than Double

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By Dhirendra Tripathi

Investing.com – MGM Resorts stock (NYSE:MGM) climbed nearly 9% after Credit Suisse (NYSE:CS) said the stock should more than double from its previous target of $33.

The stock touched $48.30 Tuesday as the brokerage upgraded the stock to outperform from neutral and pegged the target at $68, around 41% higher than its current price.

Analyst to Ben Combes said the market isn’t appreciating enough the transformation MGM has undergone, recently announcing four transactions.

In one of the deals announced last month, MGM Resorts said it will buy The Cosmopolitan of Las Vegas from Blackstone (NYSE:BX) for $1.62 billion.

Combes counts three reasons as drivers for the upside in the stock. These include a cleaner and a more simplified organization with a more attractive capital structure, upside to numbers and an improving sentiment.

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