BofA lowered the firm’s price target on Melco Resorts (MLCO) to $9 from $10.90 and keeps a Neutral rating on the shares. Along with the sector, Melco’s stock price has pulled back recently, which the firm attributes to unexpectedly weak GGR in the second week of October, renewed global trade tensions and higher promotion spending by some peers. The firm’s price target cut was due to both a downward revision of its cash earnings estimate and a lower target multiple, the analyst noted.
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