Jefferies Upgrades Melco Crown Enter. (MPEL) to Hold, But Maintain Cautious View on VIP

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Earlier, Jefferies upgraded Melco Crown Enter. (NASDAQ: MPEL) from Underperform to Hold with a price target of $22.70 (from $7.70).

The firm comments, "We think it is early to call for a strong VIP growth rebound; falling art/antique auction value, bumpy export PMI & rising overdue loans cast doubts on VIP outlook. Anti-corruption risks should not be ignored. We raise 2013 GGR growth to 8% and upgrade SJM/MPEL to Hold, but think valuation still looks expensive. Relatively we like Sands China on mass focus and SJM for valuation, and stay cautious on players with high VIP exposure."

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 $21.03 yesterday, with a 52 week range of $9.13-$21.25.

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