Morgan Stanley analyst Thomas Allen said that Morgan Stanley is increasingly bullish that China's policy stimulus is working as a firm, adding that he now expects Macau gross gaming revenue to grow 1% in 2019, up from his prior forecast for a 2% decline. Underpinning that improved view, he has raised his mass market growth forecast to 7% from 2%, citing accelerated visitation growth following the HKZM bridge opening as well as the firm's currency strategists' call for the CNY to continue to appreciate against the USD. While he still has an "in-line" view on Macau, Allen raised his price target on Las Vegas Sands (LVS) to $66 from $64, his target on Wynn (WYNN) to $130 from $122 and his target on MGM Resorts (MGM) to $35 from $34. Allen added that Las Vegas Sands remains his preferred play on Macau, as he thinks the Street is wrong in assuming it will lose market share.