Shares of U.S.-listed Macau casino operators traded mostly higher on Monday after each was awarded new 10-year concessions over the weekend to continue operating.
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JP Morgan boosted the price target on Melco Resorts & Entertainment Limited (NASDAQ: MLCO) from $7 to $10. JP Morgan analyst Joseph Greff upgraded the stock from Neutral to Overweight. Melco Resorts & Entertainment shares rose 10.3% to trade at $7.27 on Monday.
Goldman Sachs boosted the price target on Reata Pharmaceuticals, Inc. (NASDAQ: RETA) from $86 to $115. Goldman Sachs analyst Madhu Kumar maintained the stock with a Buy rating. Reata Pharmaceuticals shares rose 1.9% to close at $36.03 on Friday.
The Sands China group has been awarded a new 10-year gaming concession in Macao, as announced by the Macao government Saturday. The concession is awarded on a provisional basis, subject to finalizing and entering into a new gaming concession contract with the Macao SAR.
US stocks started the week on a lower note on concerns that China could resume stricter restrictions to fight the covid-19 pandemic.
Beijing has warned it was facing its most severe test of COVID as it tightened rules for entering the city, reported Reuters.
As the peak season for the third quarter gets underway, several casino companies have released their earnings reports and investors await reports from other major firms.
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