Deutsche Bank Upgrades Melco Crown (MPEL) to Buy On Market Share Confusion
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Deutsche Bank upgrades Melco Crown Entertainment Ltd. (Nasdaq: MPEL) from Hold to Buy with a $6.50 price target, saying confusion creates opportunities.
The firm said, " Melco has fallen almost 30% over the past month as the market is disappointed by the early market share at its new casino, City of Dreams (COD), which opened on 1 June. However, headline market share does not reflect the fundamentals in Macau as it is impacted by the volatility of VIP hold, which depends on luck. Adjusting for this, Melco's associate Melco Crown captured 16-18% market share in June 1-14, in line with expectations. Market confusion often creates the best buying opportunities."
Deutsche Bank also said the net catalyst is Chief Executive's election in July.
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