Morgan Stanley downgraded Melco Resorts (MLCO) to Equal Weight from Overweight with a price target of $7.50, down from $9.60. Macau Gaming gross gaming revenue and EBITDA could grow by mid-single digits in 2025, contends the firm, which notes its estimates are below sell-side consensus as it is more conservative on margins. Among the group, the firm updated valuation methodologies, cut its estimates and price targets, and shuffled its stock preferences, leading to the Melco downgrade.
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Read More on MLCO:
- Melco Resorts price target lowered to $8.90 from $10.70 at Goldman Sachs
- Melco International downgraded to Neutral from Buy at Goldman Sachs
- Macau reports November casino revenue up 14.9% to 18.44B patacas
- Melco Resorts’ Financial Strategies and Market Position
- Melco Resorts Sees Strong Q3 Growth Amid Macau Recovery