Argus Upgrades Las Vegas Sands (LVS) to Buy
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Argus upgraded Las Vegas Sands (NYSE: LVS) from Hold to Buy with a price target of $67.00.
The upgrade following a gain in Macau gaming revenue in August for the first time in 27 months, and reflects a shift in Macau toward the mass market segmet.
"We believe that LVS is well positioned in this segment, and expect it to benefit from its Integrated Resort business model, which includes hotels, convention centers, and retail stores, as well as casinos," the analyst said.
The firm is raising 2016 EPS estimate from $2.00 to $2.16 and 2017 estimate from $2.28 to $2.40. The firm's long-term earnings growth rate estimate is 14%.
Shares of Las Vegas Sands closed at $56.54 yesterday.
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