Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $10.00 Price Target at Susquehanna

Key Points

• Susquehanna raised the price target for Melco Resorts & Entertainment (NASDAQ: MLCO) from $8.00 to $10.00, indicating a potential upside of 15.34% from its previous close and maintaining a "positive" rating on the stock.
• Analyst ratings for MLCO are mixed, with UBS downgrading it to "sell" with a target of $4.60, while Citigroup raised its target to $11.00 with a "buy" rating.
• Melco reported $0.12 earnings per share for the last quarter, surpassing consensus estimates, with a total revenue of $1.23 billion, reflecting a year-over-year revenue growth of 10.8%.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) had its price objective increased by Susquehanna from $8.00 to $10.00 in a research report issued to clients and investors on Wednesday, July 30th, MarketBeat reports. The firm presently has a "positive" rating on the stock. Susquehanna's price objective would indicate a potential upside of 13.90% from the company's previous close.

Several other research firms also recently issued reports on MLCO. Citigroup boosted their price objective on Melco Resorts & Entertainment from $8.60 to $11.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Bank of America lifted their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a report on Tuesday, May 20th. UBS Group cut Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price on the stock. in a research report on Wednesday, April 30th. Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $8.78 on Wednesday. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $9.16. The firm has a market capitalization of $3.69 billion, a P/E ratio of 67.54 and a beta of 0.83. The business's 50-day moving average is $7.65 and its 200 day moving average is $6.28.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.09 by $0.14. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.20 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, analysts expect that Melco Resorts & Entertainment will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently modified their holdings of MLCO. Nuveen LLC purchased a new stake in shares of Melco Resorts & Entertainment in the first quarter worth about $31,946,000. Arrowstreet Capital Limited Partnership acquired a new stake in Melco Resorts & Entertainment during the fourth quarter valued at approximately $28,989,000. Brightlight Capital Management LP acquired a new stake in Melco Resorts & Entertainment during the first quarter valued at approximately $15,141,000. Eminence Capital LP raised its stake in Melco Resorts & Entertainment by 22.1% during the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock valued at $44,791,000 after buying an additional 1,402,619 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Melco Resorts & Entertainment by 206.5% during the fourth quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock valued at $11,633,000 after buying an additional 1,353,617 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.