Melco Crown shares cheapest among Macau names, says Citigroup Citigroup says shares of Melco Crown are the cheapest in the Macau gaming space trading at 25% discount to the sector. Citi lowered its 2014 Macau GGR growth forecast to 13% from 22%, but only drops its 2014-2016 earnings estimates for Melco Crown by 1%-4%. The firm calls Melco its top pick in Macau and keeps a Buy rating on the name with a $55 price target.
Melco Crown shares could rally $10 on Osaka win, says Citigroup Citigroup estimates shares of Melco Crown could rally up to $10 should the company win a gaming license in Osaka, Japan. Citi expects the gaming bill in Japan to be passed in November, and notes Melco is a major candidate in Osaka. The firm believes the upcoming opening of City of Dreams Manila will be a "game changer" to the Philippines gaming market. It lowered its price target for shares to $43 from $46 and keeps a Buy rating on the name.