MGM (MGM) (PCS) (EWBC) (CRH) (ED) (GPS) Ratings, Price Targets

MGM Resorts (NYSE: MGM), MetroPCS (NYSE: PCS), East West Bancorp Inc. (NASDAQ: EWBC), CRH PLC (NYSE: CRH), Consolidated Edison, Inc. (NYSE: ED) and The Gap Inc. (NYSE: GPS) ratings and price targets.

MGM Resorts (MGM) had its “buy” rating reiterated by Nomura (NYSE:NMR).

MetroPCS (PCS) is now covered by Guggenheim. They have a “neutral” rating on the firm.

East West Bancorp Inc. (EWBC) had its price target raised by Sterne Agee to $23.00.

CRH PLC (CRH) was downgraded by Credit Suisse (NYSE:CS) from a “neutral” rating to an “underperform” rating.

Consolidated Edison, Inc. (ED) was downgraded by Citigroup (NYSE:C) from a “buy” rating to a “neutral” rating.

The Gap Inc. (GPS) was upgraded by Standpoint Research from a “hold” rating to a “buy” rating. They have a price target 0f $22.00 on the firm.

MGM (MGM) (NBL) (NDRO) (DLTR) (EQT) (ETH) Get New Coverage

MGM Resorts (NYSE: MGM), Noble Energy (NYSE: NBL), Enduro Royalty Trust (NASDAQ: NDRO), Dollar Tree Inc. (NASDAQ: DLTR), EQT Corp. (NYSE: EQT) and Ethan Allen Interiors Inc. (NYSE: ETH) getting new coverage from analysts.

Wells Fargo & Co. (NYSE:WFC) initiated coverage on MGM Resorts (MGM). They placed an “Outperform” rating on the company.

Robert W. Baird initiated coverage on Noble Energy (NBL). They placed a “Neutral” rating and a price target of $103.00 on the company.

Wells Fargo & Co. initiated coverage on Enduro Royalty Trust (NDRO). They placed a “Market Perform” rating on the company.

FBR Capital initiated coverage on Dollar Tree Inc. (DLTR). They placed a “Market Perform” rating on the company.

Robert W. Baird initiated coverage on EQT Corp. (EQT). They placed an “Outperform” rating on the company.

Argus initiated coverage on Ethan Allen Interiors Inc. (ETH). They placed a “Hold” rating on the company.

MGM (MGM) (ELS) (NUAN) (EPR) (MAA) Price Targets Changed

MGM Resorts (NYSE: MGM), Equity Lifestyle Properties, Inc. (NYSE: ELS), Nuance Communications Inc. (NASDAQ: NUAN), Entertainment Properties Trust (NYSE: EPR) and Mid America Apartment Communities Inc. (NYSE: MAA) price targets adjusted by analysts.

MGM Resorts (MGM) had its price target lowered by Citigroup (NYSE:C) to $13.50. They have a “Hold” rating on the company.

Equity Lifestyle Properties, Inc. (ELS) had its price target raised by FBR Capital from $71.50 to $73.50. They have an “Outperform” rating on the company.

Nuance Communications Inc. (NUAN) had its price target lowered by UBS AG to $24.00. They have a “Buy” rating on the company.

Entertainment Properties Trust (EPR) had its price target lowered by FBR Capital from $50.00 to $45.00. They have a “Market Perform” rating on the company.

Mid America Apartment Communities Inc. (MAA) had its price target raised by FBR Capital from $69.00 to $71.50. They have a “Market Perform” rating on the company.

Tyson (TSN) (MGM) (JNJ) (CFN) (CREE) (MRX) EPS Estimates Changed

Tyson Foods, Inc. (NYSE: TSN), MGM Resorts (NYSE: MGM), Johnson & Johnson (NYSE: JNJ), CareFusion Co. (NYSE: CFN), Cree, Inc. (NASDAQ: CREE) and Medicis Pharmaceutic (NYSE: MRX) EPS estimates adjusted by analysts.

Morgan Stanley (NYSE:MS) raised its EPS estimates on Tyson Foods, Inc. (TSN). They have an “Equal Weight” rating on the company.

Morgan Stanley raised its EPS estimates on MGM Resorts (MGM). They have an “Equal Weight” rating and a price target of $17.00 on the company.

Goldman Sachs (NYSE:GS) slashed its EPS estimates on Johnson & Johnson (JNJ). They have a “Buy” rating and a price target of $74.00 on the company.

Citigroup (NYSE:C) lowered its EPS estimates on CareFusion Co. (CFN). They have a “Buy” rating and a price target of $31.00 on the company.

UBS AG (NYSE:UBS) cuts its EPS estimates on Cree, Inc. (CREE). They have a “Neutral” rating and a price target of $30.00 on the company. They had a price target of $41.00 on the company before. They cited valuation as the catalyst behind the call.

UBS AG cut its EPS estimates on Medicis Pharmaceutic (MRX). They have a “Neutral” rating and a price target of $39.00 on the company.

Ratings on (JEC) (MGM) (NIHD) (QCOM) Upgraded

Ratings on Jacobs Engineering (NYSE: JEC), MGM Resorts (NYSE: MGM), NII Holdings (NASDAQ: NIHD) and QUALCOMM, Inc. (NASDAQ: QCOM) were upgraded by analysts.

Robert W. Baird upgraded Jacobs Engineering (JEC) from a “neutral” rating to an “outperform” rating. They have a price target of $55.00 on the company, up from $54.00.

Jefferies (NYSE:JEF) upgraded MGM Resorts (MGM) from a “hold” rating to a “buy” rating.

Credit Suisse (NYSE:CS) upgraded NII Holdings (NIHD) from an “underperform” rating to a “neutral” rating. They have a price target of $48.00 on the company, up from $42.00.

BMO Capital Markets upgraded QUALCOMM, Inc. (QCOM) to an “outperform” rating.

Coverage on (MGM) (SPW) (CECO) (END) Initiated by Analysts

MGM Resorts International (NYSE:MGM), SPX Corp (NYSE:SPW), Career Education Corp. (NASDAQ:CECO) and Endeavour International Corp. (NYSE:END) had coverage initiated on them by analysts.

Credit Suisse (NYSE:CS) initiated coverage on MGM Resorts International (MGM), starting them off with an "Underperform" rating. They placed a price target of $11 on the company.

FBR Capital Markets initiated coverage on SPX Corp (SPW), starting them off with an "Outperform" rating. They placed a price target of $92 on the company.

FBR Capital Markets initiated coverage on Career Education Corp. (CECO), starting them off with an "Underperform" rating.

FBR Capital Markets initiated coverage on Endeavour International Corp. (END), starting them off with an "Outperform" rating. They placed a price target of $18 on the company.

Ratings on (LAMR) (LEAP) (MGM) (MMP) (NVMI) Upgraded by Analysts

Analysts upgraded ratings on Lamar Advertising Company (NASDAQ: LAMR), Leap Wireless (NASDAQ: LEAP), MGM Resorts (NYSE: MGM), Magellan Midstream (NYSE: MMP) and Nova Measuring Instruments Ltd. (NASDAQ: NVMI) today.

Citigroup (NYSE:C) upgraded Lamar Advertising Company (LAMR) from a “sell” rating to a “hold” rating. They have a price target of $30.00 on the company, up from $27.00.

Collins Stewart upgraded Leap Wireless (LEAP) from a “hold” rating to a “buy” rating. They have a price target of $22.00 on the company.

CRT Capital upgraded MGM Resorts (MGM) to a “buy” rating.

Morgan Keegan upgraded Magellan Midstream (MMP) from a “market perform” rating to an “outperform” rating.

Needham & Company upgraded Nova Measuring Instruments Ltd. (NVMI) from a “buy” rating to a “strong buy” rating. They have a price target of $16.00 on the company, up from $15.00.

Gaming's Las Vegas Sands (LVS) (WYNN) (MGM) Not Impressive

Even though there have been what is called "positive" moves to the upside, the gaming industry is anything but healthy, and the recent results from Las Vegas Sands (NYSE:LVS) confirms there are a lot of challenges remaining from the fragile global economy.

When you have to rely on luck like Wynn Resorts (Nasdaq:WYNN) did last quarter to post an even fair quarter, you know there is pressure in a sector.

The quarterly report from MGM Resorts (NYSE:MGM) also had a very small upside surprise, but it isn't anything to get excited about, as the company still lost $0.18 a share.

Las Vegas Sands reported a net revenue increase of only 4.5 percent quarter over last quarter to $2.11 billion and adjusted property EBITDA increased a tiny 0.9 percent to $745.7 million. The numbers weren't even that good though, as an increase in property EBITDA at Four Seasons Macau
made things look a lot better than they were.

Adjusted EPS fell way below analysts' estimates of $0.44, coming in at only $0.37 a share.

Melco Crown (Nasdaq:MPEL) reports its earnings in about two weeks.

Las Vegas Sands was trading at $42.57, falling $3.30, or 7.19 percent, as of 2:15 PM EDT. Wynn Resorts was trading at $142.63, down $3.45, or 2.36 percent. MGM is trading at $14.31, gaining $1.41, or 10.98 percent.

MGM Resorts (MGM) (LLL) (MO) (NFLX) Downgraded April 26

Shares of MGM Resorts (NYSE: MGM), L-3 Communications (NYSE: LLL), Altria Group (NYSE: MO) and Netflix, Inc. (NASDAQ: NFLX) were all downgraded by several brokerages on April 26.

BB&T (NYSE:BBT) downgraded L-3 Communications (LLL) from a “Buy” rating to a “Hold” rating.

Credit Suisse (NYSE:CS) downgraded MGM Resorts (MGM) from a “Neutral” rating to an “Underperform” rating. They have a price target of $11.00 MGM, down from the previous $14.

Argus downgraded Altria Group (MO) from a “Buy” rating to a “Hold” rating.

Janney Montgomery Scott downgraded Netflix, Inc. (NFLX) from a “Neutral” rating to a “Sell” rating. They have a price target of $170.00 on Netflix.

Wynn (WYNN) Pulls Up (LVS) (MGM) (MPEL) (BYD) on Big Earnings Beat

Wynn (NASDAQ:WYNN) gave a boost to competitors Las Vegas Sands Corp. (NYSE:LVS), MGM Resorts International (NYSE:MGM), Melco Crown Entertainment Ltd (NASDAQ:MPEL) and Boyd Gaming Corporation (NYSE:BYD) after hours as it handily beat analysts' expectations.

Net income for Wynn soared to $226.3 million,or $1.38 a share, versus $27 million, or 22 cents a share in the same quarter last year.

Revenue surged to $1.26 billion, a 38.7 jump year-over-year.

Adjusting for one-time items, Wynn earned $1.38 a share, wildly beating the average analyst forecast of 74 cents per share.

Macau continues to be the main revenue and earnings generator in the gaming sector for those with exposure there.

Boyd Gaming Corporation was trading after hours at $8.95, up $0.17, or 1.94 percent. Melco was at $9.88, up $0.16, or 1.65 percent. MGM was trading after hours at $13.54, gaining $0.24, or 1.81 percent. Las Vegas Sands was trading after close at $45.95, rising $0.75, or 1.66 percent. Wynn Resorts closed Tuesday at $138.93, losing $1.57, or 1.12 percent. After hours it jumped to $143.00, soaring $4.07, or 2.93 percent.

MGM Resorts (MGM) Takes Controlling Interest in Macau Business

MGM Resorts International (NYSE:MGM) will take control of its joint venture MGM China Holdings, as partner Pansy Ho will sell 1 percent to the company while sell up to 23 percent in an IPO. The 1 percent will give MGM Resorts International a 51 percent stake in the joint venture, subject to regulatory approval.

Ho, the daughter of Chinese casino mogul Stanley Ho, will be left with a 29 percent stake in the venture.

Wells Fargo analyst Carlo Santarelli said about the deal, "Most importantly...we believe investors will be pleased with the new structure, given MGM has increased, rather than diluted, its ownership of the fastest growing asset in its portfolio. The ability to consolidate the MGM China results could potentially unlock some equity value given the pro forma improvement in total leverage ratios of the company."

But in the short term, Santarelli said MGM will probably be leaving some proceeds on the table.

MGM Resorts International was trading at $13.16, gaining $0.55, or 4.36 percent, as of 9:50 AM EDT.

Sands (LVS) (Wynn) (MGM) Soar on Macau Gambling Revenue

Shares of Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:Wynn) and MGM Resorts (NYSE:LVS) are hopping today after the report by the government of Macau that gambling revenue soared past $2.5 billion in the month of March. That's up 48 percent over last year in the same quarter.

Macau continues to surpass Vegas in gambling revenue, as in 2010 it had about four times the revenue as its major competitor, which has been fading for some time globally.

But those Vegas casinos with operations in Macau are doing well, as evidenced by the soaring price of their shares on the news.

MGM was trading at $13.50, gaining $0.35, or 2.66 percent, as of 12:52 PM EDT. Wynn Resorts was trading at $135.31, up $8.15, or 6.41 percent. Las Vegas Sands was at $43.79, up $1.57, or 3.72 percent.

Lawsuits Intensifying for (MGM), (LVS), (IGT) from Shareholders

MGM Resorts International, Las Vegas Sands Corp. and International Game Technology (NYSE:IGT) are feeling the pressure as lawsuits against them intensify, even though some appear dubious at best.

Lawsuits from disgruntled shareholders against the three gaming companies started in 2009 and haven't went away, although some of them, and some parts of them, have been dismissed.

In Reno last week, U.S. District Judge Edward Reed Jr. refused to dismiss two lawsuits against International Game Technology - but he did throw out several of the charges within the lawsuits.

These types of lawsuits usually complain that between August 2007 and March 2009, shareholders invested based on statements about MGM's superior balance sheet - only to lose money when the stock of the company dropped from more than $15 in early January 2009 to $1.89 on March 5, 2009.

"Plaintiffs seek to blame MGM for failing to foresee the greatest economic collapse since the Great Depression. Instead of acknowledging the global economic crisis, its harsh effects on Las Vegas in particular, and the severe slump in the real estate development and gaming industries, plaintiffs cherry-pick positive statements from MGM’s public filings and earnings calls made before and during this crisis, claim those statements were made with knowledge of their alleged falsity, and seek to hold MGM and its officers ... liable for securities fraud," MGM Resorts' attorneys wrote in their filing, according to the Las Vegas Sun.

In 2009, in state court lawsuits, Clark County District Court Judge Allan Earl ruled Las Vegas Sands shareholders failed to show mismanagement by board members or that they breached their fiduciary duties; and said the shareholders didn’t show Chairman and CEO Sheldon Adelson exerted undue influence on the other board members.

In responding in January to the federal lawsuits filed in 2010, Las Vegas Sands attorneys wrote: "This lawsuit is an unwarranted effort by plaintiffs to turn the effects of the global recession on both the gaming industry and the company into a purported scheme by the company and the individual defendants to defraud the company’s shareholders."

International Game Technology closed Monday at $16.26, gaining $0.34, or 2.14 percent. Las Vegas Sands closed at $38.69. up $2.35, or 6.47 percent. MGM Resorts closed at $12.89, up $0.41, or 3.29 percent.

Oil Prices to Hit (PPC) (F) (GM) (MGM) (LCC) Says Moody's

Taking note of several sectors which could be hit hard by higher oil prices, Moody's (NYSE:MCO) pointed to Ford (NYSE:F), General Motors (NYSE:GM), US Airways Group (NYSE:LCC), MGM Resorts International (NYSE:MGM) and Pilgrim’s Pride (NYSE:PPC) as being vulnerable in their respective segments.

Concerning the auto sector, Moody's said American companies will struggle more than their Japanese and European counterparts on higher oil prices.

They noted, “The ratio of U.S. car and truck sales shifted from 46/54 in 2007 to 51/49 by 2009, but back to 48/52 in 2010 as gasoline pressures eased.”

For airlines, Moody's cited US Airways Group because as of the end of 2010 they hadn't hedged fuel.

In gaming, they said MGM Resorts International was vulnerable because of their Las Vegas exposure, which generates the bulk of its revenue.

With fuel being one of the key inputs for the meat industry, Pilgrim's Pride is considered very vulnerable there.

Ford was trading at $14.48, up $0.22, or 1.54 percent, as of 2:30 PM EDT. General Motors was at $31.74, gaining $0.30, or 0.95 percent. US Airways Group was trading up with most airlines today, standing at $8.98, rising $0.49, or 5.77 percent. MGM Resorts was at $12.67, up $0.03, or 0.24 percent. Pilgrim's Pride was at $7.26, gaining $0.26, or 3.71 percent.

Las Vegas Sands (LVS), Wynn (WYNN), MGM Resorts (MGM), Boyd (BYD) Drop on Weak Las Vegas Market

Shares of Las Vegas Sands (NYSE:LVS), Wynn (NASDAQ:WYNN), MGM Resorts (NYSE:MGM), Boyd (NYSE:BYD) were all under pressure Thursday as new gambling revenue in Las Vegas dropped in January.

Revenue for Las Vegas Strip fell to $482.7 million, a decline of 2.5 percent. Across the state of Nevada gambling revenue dropped by $877.4 million.

JPMorgan (NYSE:JPM) analyst Joseph Greff said, "We view these Strip results as disappointing, even adjusting for hold. While one can't view from aggregate results, we believe there is a big disparity in performance between relatively better performing higher-end properties and underperforming mid-tier and lower price point Strip properties."

Wells Fargo analyst Carol Santarelli's take was this: "Much was made of the strong start to the year with visitor and convention volumes up significantly in January on the Strip. Add in the Cosmopolitan opening in December and a fairly easy comparison, despite having one less weekend day in January 2011, and we believe expectations for January results on the Strip certainly called for year-over-year growth."

Boyd Gaming was trading at $9.60, down $0.28, or 2.83 percent, as of 12:16 PM EST. MGM Resorts was trading at $13.04, falling $0.48, or 3.55 percent. Wynn Resorts was at $124.29, down $3.80, or 2.97 percent. Las Vegas Sands was at $40.67, down $1.54, or 3.65 percent.

Wynn Resorts (WYNN) Most Admired in Las Vegas

In the Las Vegas hotel-casino industry, Wynn Resorts (NASDAQ:WYNN) has come out on top this year in the most admired in Las Vegas, and came in fourth place in the overall hotels, casinos and resorts category of Fortune magazine's rankings.

The list is compiled in response to surveys of analysts and industry participants.

Strengths of Wynn noted in the survey included innovation, quality of products and services as well as global competitiveness and quality of management. Weaknesses cited were long-term investment, financial soundness and social responsibility.

In the overall category of hotels, casinos and resorts, the leader was Marriott International (NYSE:MAR), followed by Hyatt Hotels (NYSE:H) and Starwood Hotels and Resorts (NYSE:HOT).

For casinos, MGM Resorts International (NYSE:MGM), dropped to No. 9 while Las Vegas Sands (NYSE:LVS) was No. 8 and Harrah's, now Caesars Entertainment Corp., was ranked No. 10.

In the top 50 of the general most admired companies, only Marriott International, who was ranked No. 37, landed on the list, of companies in that sector.

MGM Resorts (NYSE:MGM) Falters on Weak Las Vegas Results

While some signals from the gaming industry in Las Vegas pointed to it being stronger, that appears to not be the case, at least for MGM Resorts (NYSE:MGM), which had disappointing results in the city.

That's important to MGM, because the 10 resorts they have in the city account for the majority of the profits the company generates.

Trying to play down the weak Las Vegas results, CEO Jim Murren said in a statement, "We are encouraged in early 2011 by the level of business activity we are seeing. Our forward booking pace is currently ahead of last year, led by a stronger convention mix which we believe will position our company to have a better year than last."

Revenue in the quarter fell to $309.7 million, a drop of 4.5 percent from last year in the same quarter.

Adjusted earnings were a net loss of $139.2 million, or 29 cents a share, an improvement over the $433.9 million, or 98 cents a share MGM lost last year in the fourth quarter.

Net revenue increased from $1.45 billion to $1.47 billion.

MGM was trading at $15.05, down $0.49, or 3.15 percent, as of 12:22 PM EST.

Wynn Resorts (NASDAQ:WYNN), MGM (NYSE:MGM), Boyd (NYSE:BYD) Surge on Upgrades

The gaming sector was hot today, as Wynn Resorts (NASDAQ:WYNN), MGM Resorts (NYSE:MGM) and Boyd Gaming Co. (NYSE:BYD) were all upgraded by analysts, and share prices rocketed up.

Bank of America upgraded Boyd and MGM Resorts, with Bank of America saying "Las Vegas is recovering and we believe Boyd is a derivative way to play the recovery with nearly 50% of total [earnings before interest, taxes, depreciation and amortization] coming from the Las Vegas Locals and Downtown markets."

MGM Resorts International was also upgraded by Bank of America.

Wynn Resorts got a boost from Wells Fargo (NYSE:WFC), noting strength in the Macau market.

Bank of America upgraded Boyd Gaming from "Underperform" to "Buy." Boyd was trading at $12.23, gaining $1.22, or 11.08 percent, as of 2:37 PM EST. MGM Resorts was upgraded from "Neutral" to "Buy." MGM was trading at $15.74, up $0.81, or 5.39 percent.

Wynn Resorts was trading at $119.63, up $1.59, or 1.37 percent. Wells recommends buying protection via puts, as the share price is approaching 52-week highs.

Las Vegas Sands (NYSE:LVS) Punished by Over-Stimulated Investors

Shares of companies like Las Vegas Sands (NYSE:LVS), are continuing to get punished even after solid quarterly results and guidance, as investors seem to be overly stimulated by recent unsustainable results, and continue to measure the company by that performance, rather than what can be done in reality over the longer term.

Las Vegas Sands has dropped by over 7 percent in trading Friday on just that type of situation, as investors had such high expectations Las Vegas Sands were almost surely to fall short of them, as they indeed did.

Revenue in the fourth quarter increased by almost 57 percent, while adjusted earnings beat analysts' expectations. That has somehow translated into a disappointing quarter by some being ruled by emotions and hype.

Most of the disappointment came from what appears to be slowing growth in Macau, although that wasn't a surprise to those aware of the impact on the Chinese people when celebrating their New Year.

The Chinese are particularly crucial to the growth prospects for Macau, and have been doing their part in the recent past, but questions have been generated because of what looks like slowing growth.

We won't know if that's really the case or not until the next couple of quarterly reports, to see if there is a pattern developing or it was just a temporary lull.

Also of importance will upcoming reports from MGM Resorts (NYSE:MGM), Melco Crown (Nasdaq:MPEL) and Wynn Resorts (Nasdaq:WYNN), which will give an idea if Las Vegas Sands are losing customers to competitors, or if it's an industry-wide slowdown in some areas.

If they are shown to be doing well, Las Vegas Sands could take another hit, even though they continue to put out decent numbers.

Las Vegas Sands was trading at $46.48, falling $3.80, or 7.56 percent, as of 2:28 PM EST.

MGM Resorts (NYSE:MGM) Relaunches Loyalty Program

MGM Resorts (NYSE:MGM) has launched a new initiative to better track how their customers are spending money with them.

Dubbed "M Life," MGM has started an 11-week gambling loyalty program offering numerous rewards.

Among the prizes to offered via sweepstakes are VIP ringside seats at a prizefight, a weekend stay at a suite at the Aria Resort & Casino, or a weekend in Detroit at the MGM Grand, which includes taking in Detroit Tigers' baseball games.

Being tracked by the program will be how consumers spend at company resorts unrelated to gambling, and of course gambling habits as well. Tracking for spending will be in the early part of 2011, while non-gambling tracking will be implemented later in the year.

Other gaming businesses have recently launched reward programs to entice visitors to spend.