JP Morgan ups forecasts for Crown/Star FY21 EBITDA

J.P. Morgan said it has raised its FY21 estimate for Star Entertainment Group’s EBITDA by 10.7 percent due to stronger revenue from Queensland and better margins. However, it has downgraded the stock from overweight to neutral with a price target of A$3.50.

For Crown Resorts, the firm has raised its normalized EBITDA forecast by 18.8 percent. That’s mainly due to technical reasons as it reallocated 1H21 closure costs to significant items. It retails a neutral rating with a new price target of $8.10.