Las Vegas Sands (LVS) earnings prompts Wall Street price target increases

January 26, 2023 2:31 PM EST
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Price: $54.35 -0.69%

Rating Summary:
    24 Buy, 13 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 12
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Las Vegas Sands (NYSE: LVS) latest earnings release prompted a flurry of price target raises on Thursday, despite the casino and resort company missing consensus estimates.

The LVS price target was raised to $69 from $56 at Deutsche Bank, with analyst Carlo Santarelli maintaining a Buy rating on the stock.

Santarelli told investors in a research note that "visions of higher highs remain."

"To summarize the 4Q22, MBS beat both our and Consensus Metrix Consensus property EBITDA forecasts, on a hold adjusted basis, by a healthy margin, while Macau was also better than expected," wrote the analyst.

Furthermore, he stated that LVS management's tone on its earnings call was as upbeat as it has been in some time, with favorable, though more qualitative than quantitative, commentary on first quarter 2023 to date trends in Macau.

At CBRE Equity Research, John DeCree raised the price target on Las Vegas Sands to $68 from $47, also lifting the firm's rating on the stock to Buy from Hold.

The analyst said in his note that MBS recovery is accelerating with plenty of room to run.

"Although unfavorable hold weighed on MBS Property EBITDA by over $100mm in the quarter, the recovery in Singapore continued to accelerate in 4Q22. VIP volumes returned to 90% of 2019 levels and mass market gaming win exceeded 2019 by 9%, reaching a new all-time record high for the property," explained DeCree. "MBS achieved these results in the quarter without a full return of travel and with about 20% of its room capacity offline due to ongoing renovations."

The analyst also stated that LVS "sounds an upbeat tone on the initial recovery in Macau," and there is no one better to wave the green flag in Macau.

Other firms such as Jefferies, Wells Fargo, JPMorgan, BofA, Credit Suisse, Barclays, HSBC, Citi, and Stifel also raised their price target on LVS shares post-results.

By Sam Boughedda

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