Morgan Stanley upgrades MGM Resorts

Morgan Stanley upgraded casino operator MGM Resorts International to overweight from equalweight. MGM Resorts International is the majority owner of MGM China Holdings. Although lowering its price target to US$15 (MOP120) from US$17, Morgan Stanley said MGM – at current levels – has “a more compelling risk/reward” opportunity. MGM Resorts International shares have slumped almost 30 percent since late July.