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In this correspondence, we focus on the performance analysis of the widely-used minimum description length (MDL) source enumeration technique in array processing. Unfortunately, available theoretical analysis exhibit deviation from the simulation results. We present an accurate and insightful performance analysis for the probability of missed detection. We also show that the statistical performance of the MDL is approximately the same under both deterministic and stochastic signal models. Simulation results show the superiority of the proposed analysis over available results.