May 12, 2014
09:50 EDT MPEL Melco Crown long-term story, valuation still compelling, says Janney Capital
Janney Capital attributes recent weakness in Melco Crown shares on a recent report that UnionPay was cracking down on illegal use of payment cards and a story regarding a junket operator who was said to have disappeared with over $1B. Janney said the UnionPay action was mostly related to mobile and the firm doesn't expect it to have a long-term impact. Janney also said its sources indicate the junket operator figure was overblown by the press. The firm maintains its Buy rating and $50 fair value estimate on Melco.