UPDATE: Jefferies Downgrades Las Vegas Sands (LVS) to Hold
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(Updated - September 17, 2021 8:27 AM EDT)
Jefferies analyst David Katz downgraded Las Vegas Sands (NYSE: LVS) from Buy to Hold with a price target of $40.00 (from $60.00).
The analyst commented, "Our change in view is driven by three factors: 1) the persistent restrictions from COVID, which could continue in a zero-tolerance context; 2) the pending uncertainties around the Macau concession and its growth and return prospects; and 3) the divestiture from the fundamentally positive US market without alternative avenues of growth. The <2x balance sheet provides downside support, but growth uncertainty leaves little reason for upside. Downgrading to Hold."
Shares of Las Vegas Sands closed at $37.52 yesterday.
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