Deutsche Bank Downgrades Las Vegas Sands (LVS) to Hold

Deutsche Bank downgraded Las Vegas Sands (NYSE: LVS) from Buy to Hold with a price target of $65.00 (from $74.00). Analyst Carlo Santarelli thinks its competitive advantages are waning.

"While we continue to believe the Macau market has a favorable longer term arc, driven by room supply growth, infrastructure, and deeper mainland penetration, we see fundamental ambiguity, what we believe will be an elongated share loss story, and margin pressure, resulting in a fair valuation here," said Santarelli.

"With the onslaught of new supply, we believe the primary competitive advantage for LVS, scope, is waning. As market growth slows and share contracts, we expect negative revisions and multiple contraction and hence, we see shares as range bound. Accordingly, we are downgrading to Hold from Buy," he added.

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 $62.92 yesterday.

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