Melco Crown Entertainment Limited Stock Rating Lowered by Credit Suisse (MPEL)
Melco Crown Entertainment Limited (NASDAQ:MPEL) was downgraded by equities researchers at Credit Suisse from an “outperform” rating to a “neutral” rating in a research report issued on Wednesday, ARN reports.
The analysts wrote, “mass and high-roller.” The analyst’s gross gaming revenue growth estimate for 2013 was raised from 15.8 percent to 16.5 percent and the 2014 growth estimate was raised from 13.9 percent to 14.1 percent. Lau lowered his 2015 estimate for gross gaming sales growth from 15.8 percent to 15.5 percent. The analyst believes “the next Macau gaming stock outperformers should own some of these attributes: below-sector-average valuation; EBITDA growth momentum; and exposure to the improving high-roller segment. Lau is expecting Sands China and Melco Crown (NASDAQ: MPEL) to garner the most annual growth in EBITDA for Q3, while MGM China’s EBITDA will likely be down 11 percent from last quarter. “MGM China’s market share will inevitably be under pressure until the opening of MGM Cotai in 1H16. Due to the investment in this Cotai project, we do not expect the company to increase the dividend payout ratio, despite its net cash balance of HK$2.5 bn and distribution of its first ever interim dividend,”
A number of other analysts have also recently weighed in on MPEL. Analysts at Jefferies Group upgraded shares of Melco Crown Entertainment Limited from a “hold” rating to a “buy” rating in a research note to investors on Wednesday. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Melco Crown Entertainment Limited from $33.00 to $40.00 in a research note to investors on Friday, October 11th. They now have an “overweight” rating on the stock. Finally, analysts at Macquarie upgraded shares of Melco Crown Entertainment Limited from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, October 11th. They now have a $41.50 price target on the stock, up previously from $26.00. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $29.31.
Shares of Melco Crown Entertainment Limited (NASDAQ:MPEL) traded up 1.90% on Wednesday, hitting $34.81. 730,448 shares of the company’s stock traded hands. Melco Crown Entertainment Limited has a one year low of $13.43 and a one year high of $34.91. The stock has a 50-day moving average of $30.79 and a 200-day moving average of $25.75. The company has a market cap of $19.141 billion and a P/E ratio of 42.17.
Melco Crown Entertainment Limited (NASDAQ:MPEL) last released its earnings data on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.28 by $0.05. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s quarterly revenue was up 38.0% on a year-over-year basis. Analysts expect that Melco Crown Entertainment Limited will post $1.16 EPS for the current fiscal year.
Melco Crown Entertainment Limited (NASDAQ:MPEL) is a developer, owner and, through its subsidiary Melco Crown Gaming, operator of casino gaming and entertainment resort facilities focused on the Macau market.
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