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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MLCO:
- Melco Resorts upgraded to Overweight from Neutral at JPMorgan
- Macau reports June casino revenue up 19% to 21.06B patacas
- Five Middle Eastern countries granted visa-free entry to Macau, IAG reports
- Melco Resorts appoints John Peter Ben Wang as non-executive director
- Melco Resorts Appoints John Wang as Independent Director