Jefferies Raises PT on Melco Crown Entertainment to $13.30

Jefferies is out with its report today on Melco Crown Entertainment MPEL, raising its PT to $13.30 from $12.40. In its report, Jefferies writes, "MPEL should report improved results for the 2Q11, thanks to its exposure to Cotai and normalized VIP Hold. The listing on the Stock Exchange of Hong Kong would be a key topic, and we think it has raised some questions. We believe the earnings expectations and Macau Studio CIty has already been priced in and see MPEL as the most volatile stock within the sector. Valuation at 16x is fair, maintain Hold." At the time of posting, shares of MPEL were trading at $12.14, down 3.51% from Thursday's close.