Deutsche Bank Downgrades Melco Crown Entertainment (MPEL) to Hold
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Deutsche Bank downgrades Melco Crown Entertainment (Nasdaq: MPEL) to Hold. Price target $4.40.
Deutsche analyst says, "MPEL has risen over 60% since its Nov low on expectations of visa relaxation. Even if this materializes, we think the market has over-estimated the benefits as mass market only accounts for 30% of Macau's gaming revenue. VIP credit tightening has a much larger impact on Macau, and this is particularly bad for MPEL as Crown Macau focuses almost exclusively on credit-hungry VIPs. Trading at 7x EV/EBITDA, we believe MPEL is fairly priced and advise investors not to chase the newsflow-driven short-term rally."
Melco Crown Entertainment Ltd., formerly Melco PBL Entertainment (Macau) Limited, is a developer, owner and, through its subsidiary MPBL Gaming, operator of casino gaming and entertainment resort facilities focused on the Macau market.
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