Melco Crown Entertainment Limited (NASDAQ: MPEL) may be headed back toward $20.00. After its earnings report, Citigroup has raised its price target to $21.00 from $19.40 and still has a solid “Buy” rating on the stock. One other analyst has a $21.50 price target, so that consensus price target of $14.97 (as a mean target) is not an “all alone research call” on the stock. Melco was doing great in 2011 right up until the market hit skid row in summer of 2011. Prior to that analysts were stepping all over themselves to raise their price targets almost weekly. Now shares are down around $11.82 and that is still after having fallen down to under $8.00 briefly at the selling climax last year. If the stock just manages to meet 2012 targets, it still trades at 20-times expected earnings.
Melco Crown Worth $21 Per Share, Or More??? (MPEL)
By
Jon C. Ogg
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About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
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