UPDATE: Sterne Agee Raises PT on MGM Resorts from $14.00 to $15.50

Sterne Agee has published a report on MGM Resorts MGM raising the price target. In the report, Sterne Agee wrote, "After delivering on a telegraphed beat, we believe the question becomes clarity on domestic consumer trends beyond a little more than the first month of 3Q11. Management stated that August macro events have yielded “zero impact” to its call center, and it is enjoying “very strong” occupancy and “great” weekend trends. MGM guided for +10% Rev/PAR in 3Q11, the last quarter where a majority of its incremental (to ADR) resort fees lap." Sterne Agee rated MGM Resorts a Neutral with a price target raised from $14.00 to $15.50. MGM Resorts closed Monday at $11.54.