UPDATE: Citi Lowers PT on MGM Resorts International to $13.50

Citi is out with its report today on MGM Resorts International MGM, lowering its PT to $13.50 from $16. In its report, Citi writes, "Reflecting our trimmed forecasts from macro concerns, we are tweaking our 11-13 EPS estimates. However, due to low base effects, this hits EPS by up to 83%. We decrease our TP to $13.50 and maintain a hold (2H), given the robust growth and margin improvement in Macau." Citi maintains Hold on MGM. At the time of posting, shares of MGM were trading pre-market at $11.94, up 3.47% from Monday's close.