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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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