Melco Resorts downgraded to Neutral from Buy at BofA

BofA downgraded Melco Resorts to Neutral from Buy with a price target of $9.20, up from $7.20. While the firm thinks the strong Macau GGR during the October Golden Week holiday and China’s more decisive economic policies have alleviated investor concerns over extreme macro risks, a consumption recovery would still likely take time, says the firm. While Melco has made strides to improve service quality and regain gross gaming revenue share, it will takes time for more notable progress, the analyst added.