Rochester, NY 8/7/2009 7:02:21 PM
MGM - Analysts Raises MGM to 'Market-Perform'
M G M MIRAGE
M G M MIRAGE, MGM
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An analyst upgraded MGM Mirage Thursday, saying the casino operator now has some stable financial footing. Janet Brashear of Bernstein Research said the Las Vegas-based company made headway with $3.4 billion in debt and equity infusions and by lowering its debt level by $2 billion. MGM has also been able to hold onto assets that previously boosted earnings before interest, taxes, depreciation and amortization, she added.
The company may also be able to capitalize on signs of market stabilization, including more stable occupancy levels and improved margins. But Brashear cautioned that MGM's recovery will be slow due to its reliance on Las Vegas.
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