Citi lowered the firm’s price target on Melco Resorts (MLCO) to $10.50 from $12 and keeps a Buy rating on the shares. The company’s Q4 property EBITDA would have been largely in line with Citi’s forecast and consensus adjusting for the roughly $5M bad debt re: a previous junket, the analyst tells investors in a research note. The firm added that the company is not proceeding with any strategic alternatives for City of Dreams Manila, and management is confident in a rebound in the Philippine market.
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