Las Vegas Sands (LVS) Numbers Keep Coming Down at JPMorgan
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Price: $57.07 -0.07%
Rating Summary:
18 Buy, 7 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
18 Buy, 7 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade LVS Now!
Las Vegas Sands (NYSE: LVS) continued lower Tuesday as analysts continue to cut estimates due to worries about Macau.
JPMorgan cut its price target from $57 to $50, following a review of market-wide data/trends which led to a cut in in 2Q12-2013 Macau EBITDA estimates. This is to account for greater cannibalization from Sands Cotai Central at its existing Macau properties and overall slowing VIP growth for the market, the firm notes.
The firm is lowering 2Q12 Macau property-level EBITDA by 12%. For full-year 2012, the firm's Macau EBITDA goes down 9% and the same in 2013.
Notably, this is the firm's second cut since May 30.
Despite the cut, the firm is still positive on the name and maintained an Overweight rating.
"We believe if we were to throw in the towel and downgrade our rating on the stock, at these levels, we would be marking the stock at close to a bottom, so we are sticking with our Overweight rating."
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 are down 1.4 percent to $40.97.
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JPMorgan cut its price target from $57 to $50, following a review of market-wide data/trends which led to a cut in in 2Q12-2013 Macau EBITDA estimates. This is to account for greater cannibalization from Sands Cotai Central at its existing Macau properties and overall slowing VIP growth for the market, the firm notes.
The firm is lowering 2Q12 Macau property-level EBITDA by 12%. For full-year 2012, the firm's Macau EBITDA goes down 9% and the same in 2013.
Notably, this is the firm's second cut since May 30.
Despite the cut, the firm is still positive on the name and maintained an Overweight rating.
"We believe if we were to throw in the towel and downgrade our rating on the stock, at these levels, we would be marking the stock at close to a bottom, so we are sticking with our Overweight rating."
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 are down 1.4 percent to $40.97.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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