Melco Resorts & Entertainment Ltd. (NASDAQ:MLCO) is one of These 10 Stocks Went Bulletproof.
Melco Resorts & Entertainment jumped by 11.48 percent on Tuesday to close at $8.06 apiece amid a flurry of catalysts, including a price and rating upgrade, that boosted investing appetite.
In its market note, investment firm JPMorgan upgraded its rating and price target for Melco Resorts & Entertainment Ltd. (NASDAQ:MLCO) to “overweight” from “neutral” previously, with a higher price target of $9.5 versus $7.2 prior on expectations that the stock still has room to grow higher. The new price target marked a 17.86 percent upside from its latest closing price.
Meanwhile, investor sentiment was further supported by Macau’s announcement earlier in the week that gross gaming revenues across the industry surged by 19 percent to 21.06 billion patacas or $2.6 billion, partly driven by the series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue until early July.
A bustling casino table surrounded by players, highlighting the gaming entertainment offered by the resort.
Investors expected higher GGR revenues for June to reflect in Melco Resorts & Entertainment Ltd.’s (NASDAQ:MLCO) financial performance during the past quarter.
While we acknowledge the potential of MLCO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
