Melco Crown Entertainment (MPEL): Good Execution Against High Expectations - Wells Fargo
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Melco Crown Entertainment (NASDAQ: MPEL)
Wells Fargo anlayst, Cameron McNight, reiterated his Outperform rating on shares of Melco Crown Enter. (NASDAQ: MPEL) and raised the valuation range to $16-$18 from $12-$14 after Macau property EBITDA of $244mm was 10% ahead of the Street at $222mm. Normalized for hold, results were 13% ahead of expectations. Studio City drove the beat, with $53mm EBITDA vs consensus of $30-35mm.
The analyst stated "We remain neutral on MPEL and on Macau generally, given (1) the year-to-date rally in the group, (2) our expectation of muted longer-term market growth, (3) uncertainty over whether recent growth is a recovery or just the second derivative of (i) the Chinese real estate boom and (ii) capital flight, and (4) regulatory and macro-economic risks."
Shares of Melco Crown Enter. closed at $17.67 yesterday.
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