Nomura, Believing In U.S. Resilience, Keeps Buy On MGM After Shooting
In a research note following the Las Vegas shooting titled "We Believe in the Resilience of U.S. Spirit," Nomura Instinet analyst Harry Curtis keeps a Buy rating on shares of MGM Resorts, the owner of the Mandalay Bay Resort where last night's shooting took place.
The event will likely lead to an elevated level of cancellations and higher security costs over the next several weeks, Curtis notes.
While uncertainty is "not typically good for stocks, we have faith that the U.S. spirit will not be intimidated by a horrific yet isolated event," the analyst writes. He adds, "If one believes in the resilience of the U.S. consumer, then it is a more attractive investment today."
Curtis has a Buy rating on MGM with a $40 price target. The stock in afternoon trading is down 5% to $30.91.