Melco Resorts & Entertainment (MLCO) Upgraded by J P Morgan Chase & Co to Overweight

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by equities research analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a research report issued on Tuesday, MarketBeat reports. The brokerage currently has a $32.00 price target on the stock. J P Morgan Chase & Co’s price objective would indicate a potential upside of 13.31% from the stock’s previous close.

Several other analysts have also issued reports on MLCO. TheStreet upgraded Melco Resorts & Entertainment from a “c+” rating to a “b” rating in a report on Tuesday, November 21st. Zacks Investment Research downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Thursday, September 28th. Roth Capital assumed coverage on Melco Resorts & Entertainment in a research report on Wednesday, November 1st. They set a “buy” rating and a $34.00 price target on the stock. Instinet raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $29.00 in a research report on Tuesday, September 19th. Finally, Daiwa Capital Markets raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Thursday, November 30th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $25.78.

Melco Resorts & Entertainment (NASDAQ MLCO) traded up $0.78 on Tuesday, reaching $28.24. The company had a trading volume of 3,433,201 shares, compared to its average volume of 3,662,476. Melco Resorts & Entertainment has a fifty-two week low of $14.89 and a fifty-two week high of $28.74. The company has a market capitalization of $13,910.00, a price-to-earnings ratio of 32.20, a PEG ratio of 1.04 and a beta of 1.92. The company has a quick ratio of 1.07, a current ratio of 1.08 and a debt-to-equity ratio of 1.14.

Institutional investors have recently bought and sold shares of the company. Korea Investment CORP acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at approximately $2,685,000. Swiss National Bank acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at approximately $22,076,000. Westpac Banking Corp acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at approximately $468,000. Alexandria Capital LLC acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at approximately $5,714,000. Finally, Todd Asset Management LLC acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at approximately $16,328,000. 41.31% of the stock is currently owned by institutional investors.

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About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.