JPMorgan downgraded Melco International to Neutral from Overweight with a price target of HK$8.30, down from HK$12. A lack of catalysts and positive surprises in the Macau gaming space mean the stocks could remain volatile, and it is prudent to focus on stock-specific traits in the near term as opposed to the sector-wide rally, the analyst tells investors in a research note.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>