Nomura Securities Maintains a 'Buy' on Las Vegas Sands (LVS); 2Q Results Exceeded Expectations

Nomura Securities maintains a 'Buy' on Las Vegas Sands (NYSE: LVS), raises PT from $54 to $58.

Nomura analyst, Harry Curtis, says, "Reported 2Q results that exceeded expectations, with the upside mainly coming from Singapore. We believe Singapore results are sustainable given the early ramp in VIP play, the addition of non-casino amenities expected this year and tourist attractions/infrastructure in 2012 and beyond. Venetian Macau continues to deliver volume improvement despite Galaxy, likely sustainable given capex for this effort. We expect EBITDA growth to continue in Las Vegas, but the focus will likely be EBITDA growth in Singapore and Macau. We raised our above-consensus FY2011E net EBITDA est. to $3.2B from $3.1B and 2012E net EBTIDA to $3.9B, from $3.8B."

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 $46.30 yesterday.

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