Soleil Securities lifted its rating and price target on MGM Resorts International (MGM: 10.40 -4.67%) which sent shares of the global casino developer up during the afternoon hours yesterday.

MGM has struggled since mid August to stay above the $10 mark however the analysts upgrade from Hold to Buy sent shares up to a high of $10.28 and closed the session at $10.22.

Shares of MGM are still holding on currently up $0.07 to $10.29.

Analyst Jake Fuller with Soleil Securities said that the company’s low stock price was the result of a slower than expected recovery in the Las Vegas gaming market but that signs of recovery in the convention business were behind the firms upgrade.

Soleil also raised its price target on shares of MGM from $13 to $14.

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