Melco Resorts Stock Stung By Texas Capital Downgrade
Photo: Casino.org
Shares of Melco Resorts & Entertainment (NASDAQ: MLCO) slipped Friday after the stock was downgraded to “hold” from “buy” by Texas Capital analyst David Bain. In midday trading, shares of the City of Dreams operator are off 2.31% on volume that’s more than double the daily average, extending a slide in which the Macau casino stock shed 48.5% of its value over the past year. Bain cites “strong variance” between his third- and fourth-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) forecasts on Melco against consensus expectations as well as slack Macau gross gaming revenue (GGR) and a new…
Also reported by World Casino News.
Source: Casino.org
