Las Vegas Sands (LVS) PT Raised to $71 at Jefferies on Stonger Macau and Faster Vegas Recovery

April 19, 2021 8:47 AM EDT
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Price: $57.70 +0.75%

Rating Summary:
    20 Buy, 17 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 38 | Down: 18 | New: 7
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Jefferies analyst David Katz raised the price target on Las Vegas Sands (NYSE: LVS) to $71.00 (from $66.00) to take into account the Macau recovery has been gradual but slightly better than expected and the Las Vegas recovery appeared to accelerate in March, as well as the pending sale of Venetian and Palazzo.

The analyst reiterated a Buy rating, stating "As we believe Asian assets in general command higher multiples given better fundamental growth profiles we are raising our valuation multiples, We now apply a 15X EV/EBITDA multiple and 17X P/FCFE, vs. 13.5X and 15X prior. While we raise our PT to $71 and maintain our Buy rating, we note that there remain several key issues. Mgt. previously indicated interest in pursuing US digital strategy and potential interest in Texas or Downstate NY licenses, which are as yet unclear. We expect Mgt. to provide further details in the upcoming release on 4/12."

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