Nomura Securities Maintains a 'Buy' on Melco Crown Entertainment (MPEL); Raising PT and Estimates

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Nomura Securities maintains a 'Buy' on Melco Crown Entertainment (NASDAQ: MPEL) price target raised to $17.50.

Analyst, Charlene Liu, said, "Post 1Q12 results and a recent company visit, we lift our estimates and target price. We are encouraged by 1) potential margin improvement from MPEL’s continual business mix shift toward mass and non-gaming (>60% of group’s EBITDA in non-VIP); 2) potential earnings upside from its new premium mass facilities and its overall mass business at the City of Dreams, which could benefit from traffic from the new Sands Cotai Central; and 3) stabilizing VIP volume growth from continuous efforts to improve yield through replacing less-efficient junkets. F12E/F13E EPS moves from $12.75/$18.46 to $17.96/$19.43."

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

Shares of Melco Crown Enter. closed at $12.07 yesterday, with a 52 week range of $7.05-$16.15.

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