BofA lowered the firm’s price target on Melco Resorts to $8.40 from $10 and keeps a Neutral rating on the shares. The firm lowered its 2024 and 2025 EBITDA forecasts for Melco by 2% and 8%, respectively, on lower forecasts for gross gaming revenue, or GGR, and margin due to increased spending. Sector GGR seems to be back on track in March, but the sector base mass recovery has not been strong enough to propel the GGR recovery to break out from 75% of 2019 level on a sustained basis, suggesting that further upside must come from the “more unpredictable” VIP and/or premium mass groups, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MLCO:
- Bet On It: North Carolina issues eight licenses ahead of OSB launch
- Macau reports February casino revenue up 79.1% to 18.49B patacas
- Melco Resorts & Entertainment reports Q4 EPS (35.8c) vs. (56.6c) last year
- Melco Announces Unaudited Fourth Quarter 2023 Earnings
- Melco Resorts call volume above normal and directionally bullish