Melco Crown Shares Upgraded Amid Strength In Manila

Instinet (Nomura) has upgraded Melco Crown Entertainment Ltd (ADR) 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