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<Research>JPM Downgrades GALAXY ENT (00027.HK) to Neutral, MELCO INT'L DEV (00200.HK) to Underweight
Recommend 26 Positive 64 Negative 23 |
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JPMorgan wrote in a research report the “Divergence” in Macau casino stocks and their operations. In the absence of an industry catalyst, the broker will continue to focus on "bottom-up" analysis to find industry leaders. The broker listed MGM CHINA (02282.HK) and WYNN MACAU (01128.HK) as its major Overweight stocks, with the target price of the former raised to $18 from $17, and the target price of the latter elevated to $10.5 from $9. In addition, the broker downgraded MELCO INT'L DEV (00200.HK) from Neutral to Underweight, with a target price cut from $5.5 to $4.5. GALAXY ENT (00027.HK) was downgraded from Overweight to Neutral, with a target price decrease from $54 to $43. The report also lowered the target price of SANDS CHINA LTD (01928.HK) from $29 to $27.5, giving it an Overweight rating, and raised the target price of SJM HOLDINGS (00880.HK) from $2.5 to $3, giving it a Neutral rating. JPM's ranking of Macau casino stocks is, in order, MGM CHINA and WYNN MACAU as joint top picks, followed by SANDS CHINA, SJM, GALAXY, and finally MELCO. AAStocks Financial News |
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