Wells Fargo cuts target for MGM Resorts stock to USD 29.00
Published on 10/20/2026 at 20:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst target and operating figures
- Wells Fargo cut its MGM Resorts target from USD 48.30 to USD 29.00 on October 19, 2026.
- BetMGM reported third-quarter adjusted EBITDA of USD 86.00 million, versus USD 41.00 million a year earlier.
- MGM Resorts stock costs EUR 25.47 at Lang & Schwarz on October 20, 2026 at 8:31 p.m. CEST, 1.39 percent above the Tradegate close.
Wells Fargo cut its MGM Resorts target from USD 48.30 to USD 29.00 on October 19, 2026, while retaining an Equal Weight rating, according to Markets Insider. The new target stands 1.33 percent above the USD 28.62 primary-market price. MGM Resorts stock was trading at EUR 25.47 at Lang & Schwarz on October 20, 2026 at 8:31 p.m. CEST, 1.39 percent above the Tradegate close of October 19, 2026 at EUR 25.12.
BetMGM posts stronger third-quarter figures
The latest operating signal came from BetMGM, MGM Resorts' online gaming venture. For the third quarter of fiscal 2026, adjusted EBITDA reached USD 86.00 million, up from USD 41.00 million in the same period a year earlier, while revenue increased to USD 710.00 million from USD 667.00 million, Finanznachrichten reported on October 13, 2026. BetMGM also projected fiscal-year 2026 adjusted EBITDA of USD 300.00 million to USD 350.00 million and revenue of USD 2.90 billion to USD 3.10 billion.
Stock sits near its yearly low
The primary-market quote was USD 28.62 on October 20, 2026 at 2:33 p.m. ET, with a market capitalization of USD 7.2 billion and a price-to-earnings ratio of 17.34. The 52-week range was USD 27.94 to USD 51.59, placing the price 2.43 percent above its low and 44.53 percent below its high. The euro quote therefore remains the relevant view for German investors, while the NYSE price gives the company-market context.
What does the target imply?
The Wells Fargo target leaves only 1.33 percent upside from the USD 28.62 primary-market price, a sharply narrower margin than the USD 48.47 average target from 22 analysts listed by MarketBeat on October 20, 2026. MGM Resorts' second-quarter revenue was USD 4.45 billion, versus USD 4.40 billion a year earlier, while net income reached USD 322.79 million, according to Markets Insider.
October 28 results date
MGM Resorts is scheduled to release third-quarter 2026 results after the market closes on October 28, 2026, according to its investor-relations release list. That report will test whether the BetMGM improvement is translating into broader group performance.
Price and investor view
The combination of a lower USD 29.00 target and stronger BetMGM operating figures leaves the next earnings release as the clearest dated reference point for the stock. At Lang & Schwarz, MGM Resorts was trading at EUR 25.47 on October 20, 2026 at 8:31 p.m. CEST, 1.39 percent above the Tradegate close of October 19, 2026 at EUR 25.12. The further course of trading is shown by the continuously updated real-time quote of MGM Resorts stock.
MGM Resorts market data
- Company: MGM Resorts International
- ISIN: US5529531015
- Ticker: MGM
- Primary exchange: NYSE
- Price Lang & Schwarz (as of October 20, 2026, 8:31 p.m. CEST): EUR 25.47
- Change versus Tradegate close: plus 1.39 percent
- Tradegate close (October 19, 2026): EUR 25.12
- Market capitalization: USD 7.2 billion (as of October 20, 2026)
- 52-week range: USD 27.94-51.59 (as of October 20, 2026)
- Sector / Industry: Consumer Cyclical / Gambling, Resorts and Casinos
Market context: Market report S&P 500.
