Compass Point Upgrades Melco Crown Enter. (MPEL) to Neutral
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Price: $23.20 -0.26%
Rating Summary:
10 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
10 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade MPEL Now!
Compass Point upgraded Melco Crown Enter. (NASDAQ: MPEL) from Sell to Neutral with a price target of $18.50 (from $10.50).
The analyst comments, "Economic miracles apparently do happen, at least in the short-run. The epic pace of property appreciation in China, followed by only a very modest correction represents one of the first soft landings in modern history. Our contrarian call one-year ago was on point, only the hard landing we projected has been avoided (or delayed, in our opinion). The macro environment has stabilized and Macau gaming revenues have exhibited a re-acceleration of growth. We maintain our belief that the underpinnings of growth are not solid, and a more permanent correction is inevitable. However, the warning signals have abated and should be heeded."
The firm raised FY12/13 EBITDA estimates from $791/$626MM to $913/$998MM respectively. Issues FY14 EBITDA estimates of $1,045MM.
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 $20.19 yesterday, with a 52 week range of $9.13-$20.29.
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The analyst comments, "Economic miracles apparently do happen, at least in the short-run. The epic pace of property appreciation in China, followed by only a very modest correction represents one of the first soft landings in modern history. Our contrarian call one-year ago was on point, only the hard landing we projected has been avoided (or delayed, in our opinion). The macro environment has stabilized and Macau gaming revenues have exhibited a re-acceleration of growth. We maintain our belief that the underpinnings of growth are not solid, and a more permanent correction is inevitable. However, the warning signals have abated and should be heeded."
The firm raised FY12/13 EBITDA estimates from $791/$626MM to $913/$998MM respectively. Issues FY14 EBITDA estimates of $1,045MM.
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 $20.19 yesterday, with a 52 week range of $9.13-$20.29.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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