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MGM China downgraded to neutral at JP Morgan
Thursday 23rd of January 2014
JPMorgan cut its rating on MGM China and to neutral from buy and recommended investors trim their holdings in Macau’s casino stocks. The market is starting to factor in more aggressive growth assumptions than may be warranted for Macau, the firm said in a client note. The downgrade triggered a sharp sell off in Macau casino stocks on Wednesday.
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