After Melco's COO resigned, Bernstein analyst Vitaly Umansky says that his departure will increase the company's execution risk in the enar-term. After speaking with multiple sources, the analyst says that the reasons for the resignation are "varied," but are partly tied to the CEO's "decentralization strategy" and the performance of the company's Studio City asset. He says that Melco Crown "remains one of the most undervalued stocks" he covers, but he adds that several catalysts will have to play out before the stock can rise meaningfully. The analyst keeps a $21.50 price target and an Outperform rating on the shares.