Truist cuts PT on MGM Resorts International

Truist Securities cuts PT on casino operator MGM Resorts International MGM.N to $45 from $47

New PT implies a 23.3% upside to stock's last close

Brokerage says Las Vegas Strip trends look weaker than expected

The Las Vegas Strip is a stretch in Clark County, Nevada known for its concentration of resort hotels and casinos

November Strip revenue slipped 1% y/y, with slots up but table games weaker; slot gross gaming revenue (GGR) rose 5.5%, but table GGR fell 7%, as per Nevada Gaming Control Board - Truist

Brokerage adds that visitation fell 5% y/y, according to the Las Vegas Convention and Visitors Authority, with Strip revenue per available room down 5%

15 of 25 brokerages rate the stock "buy" or higher, 8 "hold" and 2 "sell"; median PT is $45 - data compiled by LSEG

Including session's moves, MGM up 8.4% in last 12 months