Morgan Stanley upgraded Galaxy Entertainment (GXYEF) to Overweight from Equal Weight with a price target of HK$44, up from HK$43. The firm sees the stock as a relative outperformer in 2026, driven by zero royalty payments unlike peers, resulting in higher margins. The firm remains constructive on Macau, driven by double-digit GGR growth, adding that it prefers Galaxy and Sands China over MGM and Wynn.
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