Nomura Securities Maintains a 'Buy' on Las Vegas Sands (LVS); Accumulate Shares on Weakness

Nomura Securities maintains a 'Buy' on Las Vegas Sands (NYSE: LVS) price target of $62.00.

Analyst, Harry Curtis, said, "The tone of LVS’s Q1 earnings call at best can be described as contentious. Investors were hoping for a greater level of disclosure on the impact of table hold, early trends at Sands Cotai, and greater clarity on Spain. To be clear, LVS had a very good quarter, and whether hold adjusted EBITDA was $920m or $10m to $20m higher, we don’t understand why management was so defensive. We are raising our 2012 net EBITDA est. modestly to $4.22b, up from $4.19b. Our 2013 net EBITDA estimate is basically unchanged at $4.9b. If results at Sands Cotai are slow to build, we have little doubt that there could be temporary downside. However, we don’t believe that EBITDA estimates or the earnings power of LVS have changed meaningfully following Q1 results. We recommend buying the stock, particularly on weakness."

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 $58.78 yesterday.

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