UPDATE: Jefferies Raises PT to $10.90 on Melco Crown Entertainment

Jefferies reiterates its Hold rating on Melco Crown Entertainment MPEL as stock appears fairly valued and raises its price target to $10.90 from $8.80 a share as results for FY11 beat estimates. Jefferies says, "Although FY11 result beat JEF, real challenges should be in 2012. We believe new competition across the road from April could further eat into MPEL's market share. The story of securing the loan for the MSC is no longer exciting as its overplayed. MPEL lacks of catalysts in 2012, in our view, especially when there is increasing pressure on the COD in delivering better results. Stock fairly valued, maintain Hold." MPEL closed at $11.85 a share yesterday.