Is MGM’s stock ready for a comeback?
After peaking around $38 a share back in January, MGM has seen a steady decline in its price into the mid-20’s, thanks to a general slowdown in Las Vegas this year.
However, according to Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan, there are some positive, near-term catalysts that could give shares of MGM a pop.
“Some of the reasons we like MGM are that they have a good set-up for the convention business in the big convention quarters – Q4 and Q1 – and it seems like they’re focused on driving margins, driving free cash flow, paying down some debt and returning cash to shareholders,” Jordan explains in the clip above.
“But we’ll see how long that positivity stays.”
Watch the above clip for more.