Morgan Stanley analyst Praveen Choudhary upgraded Melco Resorts to Overweight from Equal Weight with a price target of $9.60, up from $8.30. The stock’s risk/reward profile appears attractive as the company’s free cash flow could grow meaningfully in 2025. Stabilizing and improving market share trends in March and April, along with a projected jump in 2025 cash flow compared to 2024, drives upside to the price target, says the firm. It expects that continued market share gain could lead to consensus estimates bottoming for Melco.
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