Why MGM Resorts Stock Is Trading Higher Today

MGM Resorts International MGM shares are trading higher Tuesday following bullish analyst coverage from JMP Securities.

JMP Securities analyst Jordan Bender initiated coverage on MGM with a Market Outperform rating and announced a $55 price target.

Casino companies with exposure to Macau are also trading higher after China eased quarantine rules for international travelers. According to several reports, China cut the quarantine period for international travelers to ten days.

International travelers will have to quarantine for seven days in a centralized facility upon arrival in China, the National Health Commission said Tuesday. Travelers will then spend three additional days of quarantine at home before being cleared. Previously, international travelers arriving in China were forced to spend two to three weeks in centralized quarantine.

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MGM Price Action: MGM has traded between $51.17 and $26.41 over a 52-week period.

The stock was up 2.93% at $30.91 at press time, according to data from Benzinga Pro.

Photo: courtesy of MGM.