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Fly News Breaks for March 23, 2016
MPEL
Mar 23, 2016 | 08:37 EDT
Bernstein estimates that, in a base case scenario, the compound annual growth rate of Melco Crown's EBTIDA from 2015-2018 will come in at 22%, versus the Macau market's 13%. The firm thinks that the company's overall growth could surpass the Macau average, and it could benefit by acquiring the 40% stake in the Studio City facility that it doesn't already own. Bernstein adds that the company could be taken private at $15 per share, offering downside protection. It keeps a $23 price target and Outperform rating on the stock.
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