Nomura Securities analyst Harry Curtis reiterated a Neutral rating and $45 price target on Las Vegas Sands (NYSE: LVS) following Q1 results, which he said was 'not what the bulls were looking for.'

Curtis commented, "LVS reported hold adjusted 1Q EBITDA of $1.031b v consensus of $1.039b. We believe the Buy side was closer to $1.066b. The modest shortfall came in Macau, which is an issue given the wave of supply opening beginning in Aug. We believe the Macau results could rattle the confidence of the bulls given the stock's recent out-performance. Sequentially in Macau, GGR only gets tougher, followed by the WYNN opening. We believe it's best to be patient with LVS' stock."

The firm lowered FY16E EPS from $2.54 to $2.31 and FY17E EPS from $2.50 to $2.45.

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Shares of Las Vegas Sands closed at $52.18 yesterday.