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Melco Resorts upgraded to Overweight at JPMorgan as Macau recovers

JPMorgan upgraded Melco Resorts (MLCO) to Overweight from Neutral with a price target of $9.50, up from $7.20. Melco is “financially the most levered name in Macau,” which can be a significant boon for its equity value in a rising market, the analyst tells investors. The firm sees Macau industry beta inflecting higher amid “apathetic investor sentiment” following more than 18 months of Street cuts, the analyst added.

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