Wells Fargo Upgrades Las Vegas Sands (LVS) to Outperform, Boosts Valuation Range

Wells Fargo upgraded Las Vegas Sands (NYSE: LVS) from Market Perform to Outperform and raised its valuation range from $42-$49 to $60-$70.

The firm comments, "Following our non-consensus and cautious call on the Macau gaming market and LVS last year, we are turning bullish on the market in 2013. We believe LVS represents one of the best companies in our space, and is likely to outperform over the next twelve months based on: (1) our bullish view on Macau in 2013, with our 16% market growth estimate ahead of 12% consensus, (2) 2013 estimates that are likely to increase, with current consensus implying only 9% Macau EBITDA growth on the Q4 run-rate, (3) improving operations at Sands Cotai Central, and plenty of excess capacity in a market that’s increasingly capacity constrained, (4) a very strong medium-term outlook, with superior leverage to Macau market growth and additional jurisdictions, and (5) strong dividend growth, with potential annual dividends of $4/share by 2017. We see a strong set of near- and medium-term catalysts, which more than offset any risks to our view."

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 $51.88 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Northland Upgrades Astera Labs (ALAB) to Outperform, 'Right Time, Customers, and Products'
• CVRx Inc (CVRX) PT Lowered to $5 at Cantor Fitzgerald on Q2 Update Pressures
• QBE Insurance Group Ltd. (QBE:AU) (QBEIF) PT Lowered to AUD26.50 at JPMorgan