Goldman Sachs downgraded Melco International (MDEVF) to Neutral from Buy with a price target of HK$5.30, down from HK$7.60. The stock’s valuation is no longer attractive after its outperformance relative to Melco Resorts (MLCO), the analyst tells investors in a research note. The firm adds that Melco International’s gaming market share has not shown much improvement months after the management reshuffling.
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