Las Vegas Sands (LVS) Likely to Increase Buyback Authorization, Says Deutsche Bank

Deutsche Bank maintained a Buy rating on Las Vegas Sands (NYSE: LVS) with a price target of $88. Analyst Carlo Santarelli noted buyback activity in Q2 was ahead of guidance, and he thinks the company will announce a new authorization in the near term.

"After repurchasing $810 mm of stock in the 1Q14 at an average price of $80.81 and remaining firm in its stance to repurchase at least $75 mm of stock on a monthly basis, LVS has repurchased an additional $175 mm of stock in the 2Q14 to date as per its 10Q filing this morning. The aggregate repurchase implies an average price per share of $77.35 as 2.262 mm shares have been retired in the QTD," said Santarelli.

"Given LVS now has ~$450 mm remaining on its repurchase authorization (<6 months at >$75 mm per month), we anticipate the buyback authorization will be lifted in the coming quarters. Recall, LVS instituted a $2 bn share repurchase program in June of 2013 and has repurchased over $1.5 bn of stock in the just over 10 months since implementation," he added.

For an analyst ratings summary and ratings history on Las Vegas Sands click here. For more ratings news on Las Vegas Sands click here.

Shares of Las Vegas Sands closed at $78.92 yesterday.

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