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MGM Resorts International (MGM), headquartered in Las Vegas, Nevada, owns and operates casino, hotel, and entertainment resorts. Valued at $12.7 billion by market cap, the company offers accommodation, dining, meeting, convention, and hospitality management services for casino and non-casino properties. The global hospitality and entertainment giant is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Wednesday, Oct. 30.
Ahead of the event, analysts expect MGM to report a profit of $0.59 per share on a diluted basis, down 7.8% from $0.64 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect MGM to report EPS of $2.54, down 4.9% from $2.67 in fiscal 2023. However, its EPS is expected to rise 11.8% year over year to $2.84 in fiscal 2025.
MGM stock has underperformed the S&P 500’s ($SPX) 38.5% gains over the past 52 weeks, with shares up 15% during this period. Similarly, it underperformed the Consumer Discretionary Select Sector SPDR Fund’s (XLY)30% gains over the same time frame.
On Jul. 31, MGM shares closed up marginally after reporting its Q2 results. Its adjusted EPS of $0.86 beat Wall Street expectations of $0.66. The company’s revenue was $4.3 billion, beating Wall Street forecasts of $4.2 billion.
Analysts’ consensus opinion on MGM stock is bullish, with a “Strong Buy” rating overall. Out of 18 analysts covering the stock, 15 advise a “Strong Buy” rating, and three give a “Hold.” MGM’s average analyst price target is $52.74, indicating a potential upside of 30.2% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
