Melco gets downgrade from Morgan Stanley

    Melco Crown Entertainment’s stock was downgraded to equalweight from overweight at Morgan Stanley, which also lowered its price target on the shares from $43 to $35.
    The firm said Melco could fare better than its peers in the second quarter based on the run-rate in April and May.
    However, Melco’s mass win per table fell 9 percent in the first quarter and was surpassed for the first time. It may also be at risk of “mass market cannibalization” as it expands with the opening of its City of Dreams Manila.