Melco Resorts & Entertainment Limited (MLCO) PT Raised to $30 at Nomura/Instinet

Nomura/Instinet analyst Harry Curtis raised the price target on Melco Resorts & Entertainment Limited (NASDAQ: MLCO) to $30.00 (from $27.00) after the company reported a better headline number but Hold-adjusted EBITDA missed consensus by about $31mn in Macau and by ~$4-7mn in the Philippines dampening the effect of the headline beat.

The analyst stated "Offsetting any hold-adjusted shortfall in 1Q, MLCO is encouragingly off to a strong start in 2Q19E, with positive momentum continuing through the May Golden Week holiday. As a result, we slightly raise our 2019/20 EBITDA estimates and also raise our target price". No change to the Buy rating.

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