Morgan Stanley analyst Thomas Allen said that MGM Resorts' results were worse than he feared in the fourth quarter even though he had "low expectations" as Vegas was hampered by weak Far East play and Regional casinos were also soft. While MGM is well positioned to win the gaming license for Osaka this year, he expects results to continue to disappoint and sees limited incremental value in the share buyback program as MGM still faces a mature Vegas and difficult Macau trends, Allen tells investors. While he acknowledges a new CEO "should bring in fresh eyes," Allen keeps an Equal Weight rating on MGM shares and lowered his price target to $34 from $36.