MGM China price target lowered to HK$13.20 from HK$15 at Morgan Stanley

Morgan Stanley analyst Praveen Choudhary lowered the firm’s price target on MGM China (MCHVF) to HK$13.20 from HK$15 and keeps an Equal Weight rating on the shares. The firm, which downgrades its industry view on Macau Gaming to In-Line from Attractive, expects Macau gross gaming revenue growth to outperform Singapore and Las Vegas in 2026, but expects Macau stocks to underperform in the near term given its view that Macau corporate EBITDA should only grow by 2% in 2026. The firm forecasts Macau 2026 GGR growth of 6% and EBITDA growth of 2%, which is weaker than consensus and worse than 2025, the analyst noted.