MGM China downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded MGM China (MCHVF) to Neutral from Overweight with a price target of HK$13.20, down from HK$18. While the firm tells investors “Make no mistake – we like this company,” it adds that “liking the company and liking the stock are two different things right now.” A license fee hike three months ago, today’s dividend disappointment, and a “likely mediocre” Q1 result upcoming in May “stack up to a tough near-term setup,” the analyst contends.