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Citi has downgraded Crown to Neutral from Buy following a strong run in the share price. The casino operator has reported strong FY13 results, prompting the broker to upgrade its earnings forecast by 11% in FY14 and 5% in FY15. The price target has been raised to $15.50 from $13.80 (current price $14.34). Similarly, Macquarie has forecasted margin improvement in FY14 earnings as CWN remains well-exposed to fundamentals in Macau in addition to its robust domestic assets. The broker retains a Neutral rating on the stock (price target $14.00) due to the recent rally in the share price. UBS on the other hand, rates CWN as a Buy (price target $17.25), citing a strong earning result despite weak operating conditions. The broker expects conditions to remain challenging but believes cost reductions will boost overall earnings on premium assets. Figures don't include Barangaroo, which UBS believes can generate strong forward earnings.


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