JPMorgan raised the firm’s price target on Melco Resorts (MLCO) to $7.20 from $6.50 and keeps a Neutral rating on the shares. Macau’s May gross gaming revenue “was a clean beat,” which is “impressive given the ongoing macro headwinds,” the analyst tells investors in a research note. The firm believes the “better-than-feared” Q1 earnings season and two consecutive gross gaming revenue beats have shown demand and Macau gaming earnings are “far more resilient than anticipated.” It sees estimates and the stocks going higher.
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