Galaxy Entertainment has become an investor favourite and is likely to boost its mass and premium mass market share as the Macau market recovers, Bernstein Research wrote in a note upping its target share price on the company.

Explaining its rationale, Bernstein says the company will be helped by the opening of Galaxy Macau Phase 3 later this year and the opening of Galaxy Phase 4 in 2024. Its strong balance sheet has also meant that it’s the only major operator not to raise capital due to its debt-free balance sheet.

Galaxy’s mass market share will rise to 14.7 percent from 13 percent by 2022 and will further gain to 16.8 percent by 2025, Bernstein said raising its target price to $83.75 from $71.50.