Nomura Securities Maintains a 'Buy' on Las Vegas Sands (LVS); Macau Investigation Update

August 2, 2012 8:35 AM EDT Send to a Friend
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Price: $62.26 +1.24%

Rating Summary:
    15 Buy, 12 Hold, 0 Sell

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    Up: 29 | Down: 45 | New: 4
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Nomura Securities maintains a 'Buy' on Las Vegas Sands (NYSE: LVS) price target of $52.00.

Analyst, Harry Curtis, said, "LVS recently indicated its Macau subsidiary is being investigated by the Macau government for an alleged data storage transfer from Macau to Las Vegas. We believe the files were related to the FCPA/Jacobs matter. We expect the company will agree that this violation occurred, but believe any fine will be nominal. The bigger issues for LVS shareholders are continued growth in Macau, especially in the mass segment; Sticking a fork in the Spain project; and returning cash to shareholders. In our view, the clearest way to achieve multiple expansion would be to increase the quarterly dividend to $0.30-$0.35 from $0.25, which would leave at least $2b for share repurchase. We favor a steady share repurchase program over a special dividend A steady lift in mass combined with a judicious return of capital should lift LVS’ stock toward our $52 price target."

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 $37.26 yesterday.


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