UPDATE: Bank of America Merrill Lynch Lowers PO on MGM Resorts International to $17

Bank of America Merrill Lynch is out with its report today on MGM Resorts International MGM, lowering its PO to $17 from $20. In its report, Bank of America Merrill Lynch writes, "This is MGM's second solid quarter in a row, confirming our recovery thesis, so we are maintaining our Buy rating. Our 2011E/2012E EBITDA is essentially unchanged at -2%/+1%, but to better reflect macro views and market sentiment we are lowering our target multiple from 11x to 10x, our PO from $20 to $17 and made minor adjustments to our estimates." At the time of posting, shares of MGM were trading at $12.08, up 4.68% from Monday's close.