Instinet (Nomura) has upgraded Melco Crown Entertainment Ltd (ADR) (NASDAQ: MPEL) to Neutral from Reduce on stronger Manila gross revenue
(GGR).
“We no longer see meaningful downside risks, given 1) VIP and premium mass-led stabilization in Macau
and 2) stronger-than-expected GGR growth in Manila where the overall demand may continue to increase more than the supply growth,”
analyst Harry Curtis wrote in a note.
The analyst also lifted his target price to $16 from $14, following the stock's 20 percent
correction (vs. S&P 500, which was up 7 percent) since April 24, 2015.
Shares of Melco Crown closed Tuesday’s trading at $17.24
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