Stifel Sees 3 Reasons to be Positive on Las Vegas Sands (LVS)
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Stifel analyst Steven Wieczynski reiterated a Buy rating and $77.00 price target on Las Vegas Sands (NYSE: LVS) after another quarter passed with continued uncertainty regarding when there will be material improvement in Macau/Singapore. investors’ patience is running thin but the analyst sees 3 encouraging signs/results that should not be overlooked:
1) we would expect China to start easing travel restrictions as COVID case levels flatten and the vaccination process takes over resulting in a Hong Kong-Macau travel bubble by the summer.
2) Investor concerns around the concession renewal set to expire in June 2022 could be alleviated if, given the issues Macau has faced related to COVID, the government grants a one year extension of those existing concessions. While this won’t entirely remove this overhang, it should give investors a little more breathing room to play Macau names in order to capture the China reopening trade.
3) the important May Golden Week may not be a game changer in terms of GGR trends this year but it should demonstrate a very healthy step-up in sequential trends which should create additional investor interest.
The analyst stated "virus counts continue to slow in certain parts of China which should allow for additional travel opportunities/pent-up demand over the coming months. While the recovery timeline around Macau/Singapore remains an unknown, we continue to believe in the long-term resiliency of both markets and believe it’s a matter of when, not if, these markets return to normal/accelerated levels."
Shares of Las Vegas Sands closed at $60.00 yesterday.
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