It’s time for investors to bet on shares of MGM Resorts International , according to Barclays. Analyst Brandt Montour initiated coverage of the casino operator with an overweight rating, saying that shares should benefit from a recovery in Macao and continued strength in the Las Vegas market. “We see MGM as a global leader in premium gaming, with an unmatched combination of market breadth and premium brand positioning across both land and digital, with shareholder-friendly management, and a very attractive [free cash flow] yield valuation implied for its core business,” he wrote in a Friday note to clients. MGM YTD mountain Shares have rise nearly 29% year to date MGM shares have surged nearly 29% after tumbling more than 25% in 2022. The firm placed a $59 price target on the stock, suggesting shares can rally about 37% from Thursday’s close. Compared to U.S. regional casinos, Montour expects Las Vegas to better weather a softening economy this year, which should bode well for MGM. Any softness in this market, he added, should be offset by the return of conventions, entertainment and sports betting growth in the area. “MGM has attractive premium positioning in both Las Vegas and U.S. regionals, with any near to medium ‘cooling off’ risk more than offset by upside from Macau’s ongoing recovery, though Las Vegas shows no signs of slowing,” he wrote. Montour also highlighted MGM’s solid balance sheet as a strength that allows it to potentially enter new markets. Commentary alluding to potentially more share repurchasing is another advantage for shares near term, he said, adding that the MGM’s dominant sports betting position should benefit the stock longer term. MGM’s “iGaming position is second to none, a business we are bullish on over the next 2-5 years,” Montour said. — CNBC’s Michael Bloom contributed reporting