Brean Murray Carret & Co. Raises Price Target & Estimates on Las Vegas Sands (LVS), No Gamble Here
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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
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Brean Murray Carret & Co. is maintaining its Buy rating on shares of Las Vegas Sands (NYSE: LVS) following its second quarter earnings and is raising its price target from $53 to $59.
The company reported that consolidated revenue increased 45 percent to $2.34 billion while EBITDA grew 94 percent to $859 million. EPS of $0.51 topped that firms estimate of $0.42 and the Street's $0.40 estimate. In Macau, EBITDA rose 28 percent Y/Y to $392 million and 43 percent Y/Y in Singapore to $405 million.
Singapore experienced table and slot volume increases of 13 percent and 19 percent, up from 5 percent and 11 percent increases in the first quarter. The company's VIP grew by over 20 percent during the quarter to $12.2 billion. Margins in Singapore reached 55 percent.
VIP and mass table volumes in Macau rose 12 percent and 15 percent Y/Y, which is mixed with its 22 percent and 9 percent growth that it experienced in the first quarter. The firm continues to believe that the demand for VIP in Macau will increase over time as new projects are finished being built.
In Las Vegas EBITDA increased 41 percent Y/Y to $93 million, $18 million higher than the firms estimate due to stronger table volumes and lower promotional expenses.
As a result of the company's strong growth and performance overseas, Brean Murray Carret raised its EPS estimates for 2011 from $1.73 to $1.96, 2012 from $2.19 to $2.51, and its 2013 from $2.66 to $2.99.
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.
The company reported that consolidated revenue increased 45 percent to $2.34 billion while EBITDA grew 94 percent to $859 million. EPS of $0.51 topped that firms estimate of $0.42 and the Street's $0.40 estimate. In Macau, EBITDA rose 28 percent Y/Y to $392 million and 43 percent Y/Y in Singapore to $405 million.
Singapore experienced table and slot volume increases of 13 percent and 19 percent, up from 5 percent and 11 percent increases in the first quarter. The company's VIP grew by over 20 percent during the quarter to $12.2 billion. Margins in Singapore reached 55 percent.
VIP and mass table volumes in Macau rose 12 percent and 15 percent Y/Y, which is mixed with its 22 percent and 9 percent growth that it experienced in the first quarter. The firm continues to believe that the demand for VIP in Macau will increase over time as new projects are finished being built.
In Las Vegas EBITDA increased 41 percent Y/Y to $93 million, $18 million higher than the firms estimate due to stronger table volumes and lower promotional expenses.
As a result of the company's strong growth and performance overseas, Brean Murray Carret raised its EPS estimates for 2011 from $1.73 to $1.96, 2012 from $2.19 to $2.51, and its 2013 from $2.66 to $2.99.
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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