Deutsche Upgrade Rockets Melco Crown (MPEL) Shares Higher
More News related to MPEL
- Melco Crown Entertainment Announces Appointment of Todd Nisbet to Its Board of Directors
- Melco Crown Entertainment (MPEL) volatility flat as share near one-year high
- Casino Stocks Rallying As More Continue To Visit The Gambling Mecca (LVS, WYNN, MGM, BYD, ISLE, MPEL)
- Melco Crown Entertainment (MPEL) Announces Completion of Follow-On Public Offering
- Melco Crown Entertainment (MPEL) Prices ~38.8M ADS Follow-on Offering at $5.15
More News related to Momentum Movers
- S&P Announces Change to US Index: LL for UCBH
- Electronic Arts (ERTS) Makes Major Job Cuts As Q2 Profits Lag
- Kraft (KFT) to Ask Holders to Vote to Issue New Shares
- Sprint Nextel (S) Aims to Reduce Labor Costs by $350M in Q409
- Highlights From DISH's Q3 Conference Call - Q&A Session
Melco Crown Entertainment (Nasdaq: MPEL) is continuing to trend higher this afternoon following a Deutsche Bank upgrade to Buy this morning.
The firm believes that "confusion often creates the best buying opportunities" referring to the market's -- according to Deutsche -- misconception that MPEL is having market share issues. The firm pointed out that "headline market share does not reflect the fundamentals in Macau as it is impacted by the volatility of VIP hold, which depends on luck." Taking into account, the Deutsche analyst believes Melco's Crown actually captured about 16-18% of the market share in the first half of June, which was right in-line with Street expectations.
Shares of Melco are trading around $4.90, up more than 10% from yesterday's close. Based on today's price action, Deutsche Bank's $6.50 price target represents potential upside of more than 32.7%.
Related Categories
Momentum MoversUpgrades
Stocks Mentioned
-0.12Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
