MGM Mirage (NYSE:MGM) Downgraded on Slow Recovery

While Hudson Securities acknowledged MGM Mirage (NYSE:MGM) has started to improve, they downgraded the company nonetheless, saying it isn't "fast enough or strong enough to justify valuation multiples this high."

Valuations at the range they're now trading at, according to Hudson, were only equaled in 2004-2005 when M&A in the sector was soaring "and at the top of the last economic cycle during the LBO-boom of 2007."

Hudson Securities downgraded MGM Mirage (MGM) from "Hold" to "Sell." MGM closed Friday at $15.00, down $0.33, or 2.15 percent. Hudson has a price target of $12 on MGM.