Las Vegas Sands Landing Upgrade with Reverse Macau is Finally Out
Argus upgraded Las Vegas Sands Corp. (NYSE:LVS) to a Buy rating after the casino stock is set to Hold. A price target of $68 has been established.
Analyst John Staszak and team expect LVS to benefit since the end of China’s strict COVID policies.
“The Chinese authorities eased travel restrictions in late 2022, which should increase traffic at the company’s casinos in Macau. With the sale of the company’s assets in Las Vegas, approx. 60% of the company’s income comes from Macau, the rest comes from Singapore.”
Looking further, Argus forecasts results in both Macau and Singapore to improve for LVS over the next two years. In the long term, the company sees LVS benefit from its ability to win a new and expanded casino license in Macau.
Elsewhere, UBS increased its PT for casino stock to $67 from $46 due to better-than-expected results in Singapore and an EBITDA outlook for that market in 2024. Buy rating has been repeated. CBRE Equity Research also increased the rating for Las Vegas Sands (LVS) to Buy from Hold and set PT at $67.
Shares of Las Vegas Sands (LVS) drift down 0.44% in the morning action on Friday to $58.11 against The 52-week trading range is from $28.88 to $59.23.