Melco Resorts price target lowered to $11 from $15 at Susquehanna

Susquehanna lowered the firm’s price target on Melco Resorts to $11 from $15 and keeps a Positive rating on the shares. The firm said they still believe in the Macau-based recovery where Melco will proportionately participate. Specific to Melco, it is absorbing some key employee losses and a Cotai based product offering that is mixed and forces it into a strategy of targeting the higher end of premium mass with continued high promo spend.