Las Vegas Sands (LVS) Rallies On UBS Upgrade

Shares of Las Vegas Sands (NYSE: LVS) are 6.8 percent higher in early trading today after UBS lifted their ratings on the casino operator from Neutral to Buy and raised their price target from $19 to $20.

The firm expects the Macau market to grow +18% during 2010. Incorporating this new Macau market estimates, the firm raises their LVS revenue estimates from $3.5 billion to $3.9 billion. The firm also said Q4 could see additional upside if the December market revenue remains on track with the quarter-to-date run rate.

UBS expects the Las Vegas convention landscape to be weak in 2010 and gaming volumes roughly flat year-over-year.

UBS also upgraded rival Wynn Resorts (Nasdaq: WYNN) from Neutral to Buy with a $76 price target. Shares of Wynn are up 6 percent today.

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