Las Vegas Sands (LVS) Surging Higher on BofA Upgrade

Shares of Las Vegas Sands (NYSE: LVS) are rallying sharply today amid an analyst upgrade earlier. The stock most recently traded at $18.38, up nearly 10% from Friday's close.

Bank of America Merrill Lynch moved its investment rating on the casino operator from Neutral to Buy, also raising its price target from $14 to $21. The firm believes that Las Vegas Sands will gain from a potential Macau IPO and the related financing actions. The BofA analyst also noted that the removal of Macau visa restrictions should be a potential upside catalyst.

Specifically, the firm feels that the Macau market is at an inflection point and that LVS is an "ideal" way to participate in this strong growth story.

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