Melco Resorts & Entertainment shares are trading lower after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $10 to $7
Portfolio Pulse from Benzinga Newsdesk
Melco Resorts & Entertainment shares are trading lower after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $10 to $7.
July 18, 2024 | 2:27 pm
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NEGATIVE IMPACT
JP Morgan downgraded Melco Resorts & Entertainment from Overweight to Neutral and reduced its price target from $10 to $7, causing the stock to trade lower.
The downgrade from a major financial institution like JP Morgan typically signals a lack of confidence in the stock's short-term performance, leading to a negative market reaction. The significant reduction in the price target further reinforces this sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100