JPMorgan Lifts Targets on Las Vegas Sands (LVS) and Wynn (WYNN), Macau Continuing to Improve

JPMorgan set new, higher price targets on Buy-rated Las Vegas Sands (NYSE: LVS) and Wynn (NASDAQ: WYNN) Tuesday to reflect continued improvement in Macau's growth.

The firm boosted its target on Las Vegas Sands from $46 to $51 and from $134 to $138 on Wynn.

"We continue to believe the Macau gaming market will experience a rebound in growth, which will serve as a likely catalyst for positive estimate revisions," analyst Joseph Greff said. The analyst sees +6% year-over-year growth for 3Q12 and +8% for 4Q12, but notes this forecast could be conservative given: (1) continued mass market growth, (2) what we think will be a slight acceleration of credit by junkets to VIP patrons, (3) potential China loosening and (4) the likely positive impact on VIP GGR related to the change in the central government over the ensuing weeks

Looking ahead to 2013, the firm is forecasting market-wide growth of +11%, driven by mass table growth of +23% and VIP growth of +7%. For 2014, they project +11% overall growth, with mass and VIP increasing 20% and 7%, respectively.

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 are up 4% early Tuesday to $47.23, Wynn is up 1.3 percent to $115.57.

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