Deutsche Bank Downgrades Melco Crown (MPEL) to Hold; In-line Q4, Moving to Sidelines

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MPEL Hot Sheet

Rating Summary:
7 Buy, 3 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 22 | Down: 8 | New: 36

Deutsche Bank downgraded Melco Crown (NASDAQ: MPEL) from Buy to Hold, price target raised to $12.20.

Deutsche analyst says, "4Q EBITDA declined 4% qoq to US$232m, in line with market expectations. Luck-adjusted EBITDA rose 3% qoq to US$200m as strong mass market revenue (+11% qoq) compensated for a decline in VIP rolling (3% qoq). We think City of Dreams should benefit from the opening of its neighbour Sands Cotai Central, so we slightly lift TP by 6% to US$12.2. But since current share price is already within 3% of our new TP, we downgrade the stock."

For an analyst ratings summary and ratings history on Melco Crown click here. For more ratings news on Melco Crown click here.

Shares of Melco Crown closed at $11.82 yesterday, with a 52 week range of $6.46-$16.15.

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