Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $9.40 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on Melco Resorts & Entertainment (NASDAQ:MLCO) from $10.50 to $9.40, while keeping a buy rating on the stock.
• The new target implies a potential upside of about 77.69% from the current share price, though the stock already has a mixed analyst backdrop with an average rating of Moderate Buy.
• MLCO opened at $5.29 and has traded between a 1-year low of $5.07 and a 1-year high of $10.15, underscoring recent weakness despite analyst optimism.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) had its price target decreased by research analysts at Citigroup from $10.50 to $9.40 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective suggests a potential upside of 77.69% from the company's current price.

Several other research analysts have also commented on MLCO. Morgan Stanley lowered shares of Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a report on Monday, June 22nd. CICC Research upgraded shares of Melco Resorts & Entertainment to an "outperform" rating in a research note on Sunday, April 19th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. Finally, CLSA upgraded Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and decreased their target price for the company from $6.10 to $6.00 in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $8.10.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $5.29 on Friday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 3.28 and a beta of 0.59. Melco Resorts & Entertainment has a 1-year low of $5.07 and a 1-year high of $10.15. The firm has a fifty day moving average price of $5.48 and a two-hundred day moving average price of $5.92.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. lifted its position in Melco Resorts & Entertainment by 8.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company's stock valued at $123,000 after purchasing an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC grew its position in Melco Resorts & Entertainment by 15.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company's stock worth $98,000 after purchasing an additional 1,819 shares during the last quarter. Fox Run Management L.L.C. grew its position in Melco Resorts & Entertainment by 5.1% in the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company's stock worth $350,000 after purchasing an additional 2,256 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Melco Resorts & Entertainment by 0.9% in the third quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company's stock valued at $2,380,000 after purchasing an additional 2,442 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Melco Resorts & Entertainment by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company's stock valued at $525,000 after purchasing an additional 2,444 shares during the period. Institutional investors own 39.62% of the company's stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited NASDAQ: MLCO is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company's portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco's properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.

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