MGM said, “Consolidated net revenues decreased 53% compared to the prior year quarter to $1.5 billion, driven by lower business volume and travel activity due to the pandemic, hotel and other closures at certain properties, travel restrictions to our Macau resorts, and ongoing operating restrictions.” When MGM announced its latest earnings, in February, it highlighted that “The Company's liquidity at its domestic operations remains strong at $5.6 billion.” But other numbers were not as positive. Will MGM continue its strong growth or has its stock price gotten ahead of itself? The question is whether the company’s earnings will match the anticipation that tourists and business conventioneers will return to Las Vegas in numbers. The analysts’ consensus on a price target for MGM was 39.66, below its April 21 closing price of 41.20. Ten analysts, more than 60%, called MGM a hold, and one gave it an ‘underperform’ rating. Of 16 analysts listed by CNBC, only two had MGM as a strong buy.
