Melco Resorts price target lowered to $7.50 from $8.50 at BofA

BofA analyst Karl Choi lowered the firm’s price target on Melco Resorts to $7.50 from $8.50 and keeps a Buy rating on the shares. The firm cites the expected drag on Macau GGR from the government’s continued crackdown on illicit currency exchange for the price target decrease. While BofA thinks Melco is making progress in advancing its Macau GGR market share, patients is required to see the impact on GGR from Macau’s proposed new law to criminalize illicit currency exchange, which is expected to go into effect before year-end, the analyst tells investors in a research note.