Shares of Melco Crown Entertainment (MLCO) are soaring in Monday's intraday trading session, with the stock up 5.35% following a positive analyst action. The surge comes as JPMorgan, a major Wall Street firm, raised its price target on the casino and resort operator.

JPMorgan analysts have increased their price target on Melco Resorts to $11 from $10.50, while maintaining an Overweight rating on the shares. This upward revision suggests that the investment bank sees potential for further growth in Melco's stock price, which has evidently sparked investor enthusiasm and driven the current rally.

Melco Crown Entertainment, known for its casino and entertainment resort operations in Asia, particularly in Macau and the Philippines, has been navigating a challenging landscape in recent years due to pandemic-related disruptions. The raised price target may indicate growing optimism about the company's recovery prospects and future performance as travel restrictions ease and tourism rebounds in its key markets. Investors appear to be responding positively to this vote of confidence from a respected financial institution.