Nomura Securities Reiterates a 'Buy' on Las Vegas Sands (LVS); Raising PT & Estimates

Nomura Securities reiterates a 'Buy' on Las Vegas Sands (NYSE: LVS), raises PT by $1 to $54.

Nomura analyst, Harry Curtis, said, "Following our LVS note yesterday, we are raising our Q2 Macau estimates to reflect higher gross gaming revenues ($1.34B vs. prior $1.32B), higher non-gaming revenues of $202M (up $6M) and moderately lowering Q2 promotional expenses by $5M. Our Q2 Macau EBITDA estimate is now $383M, up from $$354M, due to the above changes. Our 2011 Macau EBITDA estimate is now $1.5B, up from $1.45B and 2012 Macau EBITDA estimate is $1.95B, up from $1.88B...We continue to view the stock as attractively valued, trading at 9.2x our 2012 EBITDA estimate (vs. WYNN’s 11.4x) and 17.7x our 2012 EPS estimate (vs. WYNN’s 27x)."

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 $41.54 yesterday.

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