Sterne Agee CRT Reiterates Buy on Las Vegas Sands (LVS) Following 3Q15
Sterne Agee CRT reiterated a Buy rating and $55.00 price target on Las Vegas Sands (NYSE: LVS) following the company's 3Q15 earnings results. LVS announced a 10.8% increase to its recurring dividend, which now stands at $2.88 per share for CY16, implying a yield 6% based on yesterday’s share price close.
Analyst David Bain commented, "Upside in Singapore offset slightly lower than expected Macau results and would have led to a solid beat adjusted for hold. We believe relatively positive forward commentary (especially post Steve Wynn’s earnings call), an 11% increase to its dividend and the potential for new investor optimism for Singapore versus pre-call sentiment should drive shares higher. We raise CY15/CY16 EBITDA marginally higher and our $55 price target remains."
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Shares of Las Vegas Sands closed at $46.84 yesterday.