Goldman Sachs upgraded MGM and moved their target up to 16. Since then, we had a lackluster earnings report, and an $800 million debt raise by MGM, that would alleviate any immediate financial pressure. That was one of the risks that is now gone.
Furthermore, MGM will have a Macau offering, which will further strengthen their balance sheet, and with yesterday's news out from Chui, current property holders value in Macau will now be worth dramatically more. At these prices MGM, can really break out, as the price woefully undervalues MGM's enterprise value. After all--who is building in Las Vegas?
I like the stock to 22 as it is breaking out on the daily and weekly chart.