MGM Resorts (NYSE:MGM): Sterne Agee expects MGM Resorts to benefit from an under-appreciated 2014 convention mix ramp and believes the shares should be bought on weakness; the firm thinks MGM Resorts’s 2014 EBITDA is well-positioned to beat expectations, and it keeps a Buy rating on the shares.
PetSmart Inc. (NASDAQ:PETM): Bank of America Merrill Lynch downgraded PetSmart to Neutral from Buy; the firm is more cautious regarding near-term momentum given share losses, slower in-store adoptions, and increasing online competition. The firm lowered its price target on the shares to $80.
Groupon Inc. (NASDAQ:GRPN): Morgan Stanley believes Groupon’s risk/reward scenario is favorable ahead of the company’s third-quarter results. The firm believes Groupon’s recent weakness is due to investor concerns that North American billings growth is decelerating below forecasts, and the analyst believes shares are discounting potential weakness and that the Local Deals segment growth is a better measure of the business than the Goods business; the stock is Overweight rated and carries a $14 price target.
PetroChina Co. (NYSE:PTR): Bernstein downgraded PetroChina to Market Perform from Outperform, as the firm believes that China’s gas reforms are being implemented more slowly than it had previously anticipated, while the reforms will have less impact on PetroChina than previously expected.
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