Goldman Sachs downgrades Melco Crown in favour of MGM

Goldman Sachs has downgraded Melco Crown from Conviction Buy to Buy, but has upped its price target to $43.00 from $34.10. MGM China replaced Melco on the Conviction Buy list. Analyst Simon Cheung said Melco is unlikely to be able to continue to produce dramatic positive earnings revisions in the next six-to-12 months as it has already strongly outperformed its peers.