Melco Crown downgraded to Neutral from Buy at Goldman Goldman downgraded Melco Crown to Neutral and lowered the price target to $25.10 from $32.10 and said the company may not fully benefit from MSC opening given its partial ownership gives it less leeway to shift tables around.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Applied Materials (AMAT) downgraded to Neutral from Buy at Nomura... CGI Group (GIB) downgraded to Hold from Buy at Societe Generale... Celladon (CLDN) downgraded to Neutral from Buy at H.C. Wainwright... Coherent (COHR) downgraded to Neutral from Buy at B. Riley... Commerzbank (CRZBY) downgraded to Neutral from Overweight at JPMorgan... Continental Resources (CLR) downgraded to Neutral from Accumulate at Global Hunter... Crestwood Equity (CEQP) downgraded to Neutral from Overweight at JPMorgan... Crestwood Midstream (CMLP) downgraded to Neutral from Overweight at JPMorgan... Discovery (DISCA) downgraded to Sell from Neutral at UBS... Ericsson (ERIC) downgraded to Neutral from Buy at Goldman... First Merchants (FRME) downgraded to Market Perform from Outperform at Fig Partners... MDC Partners (MDCA) downgraded to Sector Perform from Outperform at RBC Capital... Medidata (MDSO) downgraded to Hold from Buy at Jefferies... Melco Crown (MPEL) downgraded to Underweight from Equal Weight at Morgan Stanley... SM Energy (SM) downgraded to Accumulate from Buy at Global Hunter... Springleaf (LEAF) downgraded to Neutral from Outperform at Macquarie... iGATE (IGTE) downgraded to Sector Perform from Outperform at RBC Capital.
Melco Crown downgraded to Underweight on earnings revisions at Morgan Stanley As previously reported, Morgan Stanley downgraded Melco Crown to Underweight from Equal Weigh and lowered its price target to $17 from $22. The firm has increased concerns that earnings revisions have yet to bottom due to regulatory pressures, oversupply concerns, and higher than expected operating expenses. Morgan Stanley expects a 50% increase in the number of rooms over the next 18 months and said valuation is not compelling at current levels.