BofA raised the firm’s price target on Melco Resorts (MLCO) to $6.60 from $5.70 and keeps a Neutral rating on the shares as a result of higher Macau GGR market share assumed as well as interest savings from lower HIBOR. Melco trades at a valuation that the firm thinks is “fair” given the strong free cash flow, but a lack of dividend near term as the company prioritizes debt repayment, the analyst tells investors.
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