Morgan Stanley and Wells Fargo cut MGM targets

On Oct. 19, Morgan Stanley’s Stephen Grambling cut his target to $29 from $43 and kept Underweight, citing a difficult Las Vegas summer, Macau weakness and lower Q3 gross gaming revenue; the firm lowered 2026–27 estimates for Macau/Vegas gaming names. Wells Fargo’s Trey Bowers kept Equal-Weight and cut $48 to $29.