Sterne Agee Starts Melco Crown (MPEL) at Buy

Sterne Agee initiated coverage on Melco Crown Entertainment (Nasdaq: MPEL) with a Buy rating earlier.

Showing a clear favor towards Melco, the Sterne Agee analyst also initiated coverage on four other major casino stocks: Las Vegas Sands, Wynn Resorts, Boyd Gaming and MGM MIRAGE, each at Neutral.

Elsewhere on the analyst front, Wedbush Morgan also started coverage on several of these names: WYNN at Outperform, LVS at Neutral and both MGM and BYD at Underperform.

Given sharp gains in the sector yesterday, Melco is one of the few casino stocks that is trading higher today. Shares are currently up 2.5% to $4.97.

Melco Crown Entertainment Limited, through its subsidiaries, engages in the development, ownership, and operation of casino gaming and entertainment resort facilities in Macau.

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