Shares of Melco Crown Entertainment (MLCO) surged 5.35% during intraday trading on Monday, following a positive analyst action from JPMorgan. The stock's significant upward movement comes as investors react to the improved outlook for the casino and resort operator.

JPMorgan, a leading financial services firm, raised its price target on Melco Resorts to $11 from $10.50, signaling increased confidence in the company's future performance. The firm also maintained its Overweight rating on MLCO shares, further bolstering investor sentiment. This upward revision in the price target suggests that JPMorgan analysts see potential for additional growth in Melco's stock price.

The market's strong positive reaction to this analyst update underscores the influence that major financial institutions can have on stock performance. As Melco Crown Entertainment continues to navigate the competitive landscape of the casino and resort industry, this vote of confidence from JPMorgan could potentially attract more investor interest and support the stock's upward trajectory.