Wells Fargo Cuts Estimates and Price Target on Las Vegas Sands (LVS); Q2 Same Store Miss Could Pressure Stock

July 12, 2012 8:42 AM EDT Send to a Friend
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Price: $77.87 -2.74%

Rating Summary:
    18 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 10 | New: 20
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Wells Fargo maintains a 'Market Perform' on Las Vegas Sands (NYSE: LVS) price target range $35-$47 (from $52-$61)

Analyst, Cameron McKnight, said, "We are decreasing our estimates and valuation range on slowing Macau growth, a deteriorating Chinese macro environment, a disappointing ramp at Cotai Central, and increased Singapore regulation. We recently reduced our H2 2012 Macau gaming market forecast below consensus to 4-10% yr/yr growth. We are decreasing our 2012/13 EPS estimates by 8%/15% to $2.49/$2.50 from $2.71/2.94. While Street expectations have moderated recently, we believe further cuts to estimates will likely follow and weigh on the stock. In particular, we believe below consensus same-store Q2 EBITDA in Macau could stoke investor fears of cannibalization."

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 $41.00 yesterday.




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