Citi Initiates Coverage on MGM Mirage (MGM) with a Sell, Next Shoe to Drop - Defaults at CityCenter

Investing

Published: February 3, 2009 9:18 am

Citi initiates coverage on MGM Mirage (NYSE: MGM) with a Sell with a price target $2.50, citing the default rates at CityCenter.

Citi analyst says, "20-30% default rate at CityCenter? — Completion of this mega-project could not come at a worse time for MGM. To date, 55% of condo units have been sold, with only 20% deposits being received

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