Genting SP

Citigroup lifts target to $0.99 from $0.65 after substantially increasing FY10-12 EBITDA estto assume higher market share in Singapore's gaming sector. Notes cannibalization has waned to 10%-12% from over 25% in first few wks of Marina Bay Sands' opening. Tips 55%-60% market share for Genting, which has achieved first-mover loyalty to the M'sian mass market despite MBS' superior mass product. Still, keeps Sell call on valuation grounds, noting stock trades at 14.9X 2011 EV/EBITDA.