Las Vegas Sands (LVS) PT Raised to $75 at Citi
Citi analyst George Choi raised the price target on Las Vegas Sands (NYSE: LVS) to $75.00 (from $74.00) while maintaining a Buy rating.
The analyst comments "LVS’ 1Q24 luck-adjusted property EBITDA of US$1,161m beat our forecast by ~7%, mainly attributable to the better-than-expected gaming volumes and opex management at MBS. The record-high EBITDA at MBS was achieved despite some of the hotel rooms being under renovation. With ~770 suites (out of 1,850 rooms) in service after the completion of the refurbishment program by CNY-25, management expects MBS to achieve quarterly EBITDA of US$600m. At Macau, we believe the disruption from Londoner Phase 2 renovation has been largely priced in as it was well flagged and explained by management in previous earnings calls. We thus continue to rank LVS as our Global Top Pick. The stock appears undemanding as it is trading at ~9.0x FY24E EV/EBITDA, almost 2 S.D. below its historical average of ~11.6x. We increase our TP from US$74 to US$75, mainly reflecting the 5-10% higher EBITDA forecasts on MBS."