Melco Resorts & Entertainment (MLCO) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a sell rating to a buy rating in a research note released on Thursday. Zacks Investment Research currently has $22.00 price target on the stock.

According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “

Other equities analysts also recently issued research reports about the company. HSBC set a $33.00 price target on Melco Resorts & Entertainment and gave the stock a buy rating in a research report on Tuesday, October 16th. Deutsche Bank initiated coverage on Melco Resorts & Entertainment in a research report on Tuesday, December 11th. They set a buy rating and a $19.00 price target for the company. Citigroup set a $29.00 price target on Melco Resorts & Entertainment and gave the stock a buy rating in a research report on Thursday, December 6th. TheStreet downgraded Melco Resorts & Entertainment from a b- rating to a c+ rating in a research report on Tuesday, October 30th. Finally, BidaskClub raised Melco Resorts & Entertainment from a sell rating to a hold rating in a research report on Tuesday, November 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $28.16.



Melco Resorts & Entertainment stock traded down $0.06 during mid-day trading on Thursday, hitting $19.75. 1,543,500 shares of the company were exchanged, compared to its average volume of 2,725,788. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.95 and a current ratio of 0.97. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.41 and a beta of 1.38. Melco Resorts & Entertainment has a 12-month low of $15.33 and a 12-month high of $32.95.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Thursday, November 8th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.18). The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Melco Resorts & Entertainment had a return on equity of 11.89% and a net margin of 5.98%. The business’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 EPS. On average, analysts forecast that Melco Resorts & Entertainment will post 0.97 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Rothschild Investment Corp IL grew its position in shares of Melco Resorts & Entertainment by 49.0% in the third quarter. Rothschild Investment Corp IL now owns 10,730 shares of the company’s stock valued at $227,000 after purchasing an additional 3,530 shares during the period. Voya Investment Management LLC grew its position in Melco Resorts & Entertainment by 13.9% during the second quarter. Voya Investment Management LLC now owns 29,408 shares of the company’s stock valued at $823,000 after acquiring an additional 3,593 shares during the period. Fifth Third Bancorp grew its position in Melco Resorts & Entertainment by 11.8% during the third quarter. Fifth Third Bancorp now owns 37,035 shares of the company’s stock valued at $783,000 after acquiring an additional 3,920 shares during the period. Eaton Vance Management grew its position in Melco Resorts & Entertainment by 4.2% during the third quarter. Eaton Vance Management now owns 105,129 shares of the company’s stock valued at $2,223,000 after acquiring an additional 4,236 shares during the period. Finally, Bronfman E.L. Rothschild L.P. grew its position in Melco Resorts & Entertainment by 15.8% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 34,199 shares of the company’s stock valued at $723,000 after acquiring an additional 4,666 shares during the period. 36.23% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

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.

Read More: Leveraged Buyout (LBO)

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Analyst Recommendations for Melco Resorts & Entertainment (NASDAQ:MLCO)

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