Credit Suisse analyst Cameron McKnight lowered the price target on Las Vegas Sands (NYSE: LVS) to $59.00 (from $65.00) while maintaining a Neutral rating.

McKnight said they are positive on the long-term outlook, given leverage to growth in Chinese wealth, outbound travel, and consumption. While they can see the case for 5-10% long-term growth in Macau, they think the next 12-18 months could be volatile, given macro, geopolitical, and licensing risks.

They reduce EBITDA estimates in 2019/20 as a result of lower Macau GGR. No change to 3Q18 or 4Q18 EBITDA estimates. Lower GGR has also lowered EPS marginally in 2019/20.