Goldman Sachs Adds Melco Crown Enter. (MPEL) to Conviction Buy List

January 2, 2013 6:01 PM EST
Get Alerts MPEL Hot Sheet
Price: $17.75 -1.5%

Rating Summary:
    14 Buy, 10 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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After the close, Goldman Sachs added Melco Crown Enter. (NASDAQ: MPEL) to its Conviction Buy with a price target of $21.50 (from $18.80), which follows data earlier showing Macau's GGR to grow 16% yoy, driven by VIP +13%, mass +23%.

On the MPEL call, the firm is replacing Galaxy after its significant outperformance and said the cluster effec will drive COD market share.

"We replace Galaxy with Melco Crown, both rated Buy, on our Conviction list, as: (1) our revised price targets imply greater upside for MPEL after Galaxy’s strong recent performance; (2) we see upside to consensus estimates for MPEL, as the opening of Sands Cotai Central (SCC) Phase 2A has added 1,863 more hotel rooms and 38 retail shops (from Sept 21), which has started to draw more foot traffic to the Cotai cluster and drive City of Dream (COD)’s market share gain in last quarter."

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 $16.83 yesterday.

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