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Increased Earnings Estimates Seen for MGM Resorts (MGM): Can It Move Higher?

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MGM Resorts International (MGM - Free Report) is a global hospitality company based in Las Vegas, Nevada that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on MGM’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that MGM Resorts could be a solid choice for investors.

Current Quarter Estimates for MGM

In the past 30 days, 4 estimates have gone higher for MGM Resorts while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 10 cents a share 30 days ago, to 15 cents per share today, a move of 50.0%.

Current Year Estimates for MGM

Meanwhile, MGM Resorts’ current year figures are also looking quite promising, with 5 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 63 cents per share 30 days ago to 98 cents per share today, an increase of 55.6%.

MGM RESORTS INT Price and Consensus


MGM RESORTS INT Price and Consensus | MGM RESORTS INT Quote

Bottom Line

The stock has also started to move higher lately, adding 7.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

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