UPDATE: Jefferies Upgrades Melco Crown Entertainment to Hold on Improved Momentum, Debt Cost

Jefferies upgraded Melco Crown Entertainment

from Underperform to Hold and raised the price target from $7.70 to $22.70. Jefferies noted, "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 upgrade MPEL on 1) solid premium mass growth momentum; 2) improving debt structure by issuing low-cost bonds; 3) reasonable valuation of 11.5x 2013 EV/EBITDA." Melco Crown Entertainment closed at $21.03 on Friday.