Melco Resorts & Entertainment Limited (MLCO) PT Raised to $27 at Nomura/Instinet

Nomura/Instinet analyst Harry Curtis raised the price target on Melco Resorts & Entertainment Limited (NASDAQ: MLCO) to $27.00 (from $21.00) while maintaining a Buy rating.

Curtis commented, "MLCO’s hold-adjusted EBITDA (ex. bad-debt provisions) beat our aboveconsensus estimate and was $14mn higher than the Street. In Macau, EBITDA was roughly in line with expectations, driven by ~80bps of seq. GGR (not volume) share gains. Given 4Q upside and continued positive momentum during CNY, our 2019/20 EBITDA estimates lift, as does our target price to $27."

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