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.
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