Market Overview

Wells Fargo Raises MPEL Rating To Market Perform From Underperform


Following strong Q4 2010 Macau gaming revenue results and what it believes will be continued VIP driven market strength throughout 2011, Wells Fargo is raising its estimates and upgrading Melco Crown Entertainment (NASDAQ: MPEL) to Market Perform from Underperform.

“Our Q4 2010E EBITDA goes to $134.2MM from $99.7MM on what we believe was stronger than theoretical hold at City of Dreams and stronger than previously estimated VIP rolling chip volume at Altira,” Wells Fargo writes.

“Given our revised forecast for market growth in Macau, our 2011E EBITDA goes to $440.5 million from $396.1 million and our 2012E EBITDA goes to $474.1 million from $379.1 million. We are also raising our year end 2011 base case valuation to $8.20 from $5.90.”

Melco Crown Entertainment currently trades at $7.06.

Posted-In: Melco Crown Entertainment Wells FargoAnalyst Ratings


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