Nomura/Instinet raised its price target on Melco Resorts & Entertainment Limited (NASDAQ: MLCO) to $40.00 (from $37.00) while maintaining a Buy rating, following the company's first quarter earnings report.

Analyst Harry Curtis notes an upbeat outlook on the shares, as MLCO reported 2018 first quarter earnings per share and EBITDA results above consensus estimates, fueled by demand in Macau, despite a miss on revenues, offers upside and the potential for accelerating momentum in the back half of the year.