JPMorgan downgraded Galaxy Entertainment to Neutral from Overweight with a price target of HK$43, down from HK$54. “Divergence” is how the analyst characterizes Macau’s setup, both for stocks and operations. The firm continues to seek alpha by focusing on bottom-up opportunities given a lack of sector catalysts. It thinks Melco and Galaxy can be used as funding sources over the next two to three months, given consensus estimate risks.
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