UPDATE: Citadel Securities Upgrades Las Vegas Sands (LVS) to Add, Accusations Will Blow Right Over
Tweet
Share
E-mail
Get Alerts LVS Hot Sheet
Price: $46.23 +1.01%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Citadel Securities is upgrading shares of Las Vegas Sands (NYSE: LVS) to an Add rating from their previous rating of Neutral, but is lowering their price target by $1 to $50. They are upgrading the company due to their valuation and future forecasts.
The firm believes that shares have dropped to far down due to the news related to a lawsuit filed by former Sands China CEO Steven Jacobs, and the recent revelation that the SEC and the Justice Department have launched inquiries and requests for documentation relating to the company’s compliance with the Foreign Corrupt Practices Act. They state that the trial looks to be mostly "he said," "she said," and will be completed before it even goes to trial.
Citadel Securities comments that with IBM (NYSE: IBM) recently settling with the SEC for $10 million on charges materially more severe than what Mr. Jacobs is accusing LVS of, they are not worrying about anything. The firm also reported that on March 2 the WSJ noted that Manuel Neves, the top gaming regulator in Macau, had said "he was unconcerned by Mr. Jacobs allegations."
LVS already has the commanding position in three of the biggest gaming market in the world, but news from various outlets report that they are making inroads in both Spain and Florida as its next markets for integrated casino resort development. The firm is raising their 2011, 2012, and 2013 EPS estimates to $1.83, $2.33, and $2.80 from $1.82, $2.31, and $2.78 to reflect a 21.5% Y/Y increase in gaming revenue in Macau.
For more ratings news on Las Vegas Sands click here and for the rating history of Las Vegas Sands click here.
Shares of Las Vegas Sands closed at $36.34 yesterday.
The firm believes that shares have dropped to far down due to the news related to a lawsuit filed by former Sands China CEO Steven Jacobs, and the recent revelation that the SEC and the Justice Department have launched inquiries and requests for documentation relating to the company’s compliance with the Foreign Corrupt Practices Act. They state that the trial looks to be mostly "he said," "she said," and will be completed before it even goes to trial.
Citadel Securities comments that with IBM (NYSE: IBM) recently settling with the SEC for $10 million on charges materially more severe than what Mr. Jacobs is accusing LVS of, they are not worrying about anything. The firm also reported that on March 2 the WSJ noted that Manuel Neves, the top gaming regulator in Macau, had said "he was unconcerned by Mr. Jacobs allegations."
LVS already has the commanding position in three of the biggest gaming market in the world, but news from various outlets report that they are making inroads in both Spain and Florida as its next markets for integrated casino resort development. The firm is raising their 2011, 2012, and 2013 EPS estimates to $1.83, $2.33, and $2.80 from $1.82, $2.31, and $2.78 to reflect a 21.5% Y/Y increase in gaming revenue in Macau.
For more ratings news on Las Vegas Sands click here and for the rating history of Las Vegas Sands click here.
Shares of Las Vegas Sands closed at $36.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Upgrades Amber Enterprises India Ltd (AMBER:IN) to Overweight
- Vivos Therapeutics posts 35% revenue gain but widens net loss
- JPMorgan Upgrades PhysicsWallah Ltd (PWL:IN) to Overweight
Create E-mail Alert Related Categories
Analyst Comments, Trader Talk, UpgradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
