JPMorgan downgraded Melco Resorts (MLCO) to Neutral from Overweight with a price target of $7.70, down from $11. The firm is adopting a more selective near-term approach for the Macau gaming stocks. For Melco, the firm sees downside risk to consensus estimates with with no dividend support. Until the company’s margins “show real traction, the stock is in ‘show-me’ territory,” the analyst tells investors in a research note.
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Read More on MLCO:
- Melco Resorts downgraded to Neutral from Overweight at JPMorgan
- Melco Resorts price target lowered to $7.90 from $9.50 at BofA
- Macau reports December casino revenue up 14.8% to 20.89B patacas
- Macau reports December casino revenue 14.8% to 20.89B patacas
- Macau reports November casino revenue up 14.4% to 21.09B patacas