BofA Securities Upgrades Melco Resorts & Entertainment Limited to Buy
Analysts comment"We upgrade Melco from Neutral to Buy with raised PO of US$10.4. 1) We believe Melco’s investment in customer services since start of year is paying off, while 2) less intensive promotion competition should allow 3) Melco to see sustained recovery in Macau GGR market share from 14.2% in 1Q24 to 15%+ in rest of 2024, or more commensurate with its hotel room market share among the six operators. We view the valuation, at 8.2x 2024E EBITDA and 6.
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