UPDATE: Oppenheimer Initiates Melco Crown Entertainment at Outperform on Favorable Growth Outlook

In a report published Friday, Oppenheimer analyst Ella Ji initiated coverage on Melco Crown Entertainment (NASDAQ: MPEL) with an Outperform rating and $30.00 price target.

In the report, Oppenheimer noted, “We are initiating coverage of Melco Crown Entertainment (MPEL), an owner, developer and operator of casinos in Macau and the Philippines, with an Outperform rating and $30 price target. We look favorably on the company's growth outlook, which should benefit from its: 1) success in the premium mass-market segment; 2) industry-leading mass table yield; 3) expected above-market growth over the next three years; and 4) steady margin expansion. The stock's reasonable valuation also supports our positive stance.”

Melco Crown Entertainment closed on Friday at $23.39.