Morgan Stanley downgraded Melco Resorts to Equal Weight from Overweight with a price target of $9.60, down from $14. The analyst reduced estimates through 2025 to reflect the company’s higher reinvestment costs and operating expenditures. While the shares are cheap relative to peers, City of Dreams and Studio City “need more recovery,” the analyst tells investors in a research note. The firm, however, remains constructive on the Macau gaming industry.
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