NEW YORK (
) -- Casino stocks are on an upswing, following a jolt of confidence in the overall market.
MGM Resorts International
is one of the biggest gainers within the sector, surging 7.1% to $10.24 in midday trading.
The Las Vegas-based casino operator received a ratings and price target revision by Soleil Securities analyst Jake Fuller, who said the stock price is attractive and there are signs of convention recovery on the Strip.
MGM's stock is still down 43% since April, which Fuller attributes to slower-than-expected recovery of the Las Vegas market and soft opening of its massive CityCenter resort and casino.
Fuller boosted MGM to buy from hold and upped his target price to $14 from $13.
Las Vegas Sands
hit a 52-week high of $31.99 Wednesday afternoon, before falling slightly to exchange hands at $31.55 this afternoon.
Penn National Gaming
announced a deal on Wednesday. Bally will provide slot-management systems and other services for a Penn's Illinois casino and three other properties in development in Ohio and Maryland. Financial terms of the deal were not disclosed.
Shares of Penn are rising 3.1% to $29.94, while Bally is climbing 2.2% to $34.04.
Other notable gainers include
, which is increasing 2.4% to $7.38,
, which is jumping 1.8% to $88.18, and
, which is rising 2.4% to $16.95.
--Written by Jeanine Poggi in New York.
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