Argus upgraded Las Vegas Sands Corp. (NYSE:LVS) to a Buy rating after having the casino stock set at Hold. A price target of $68 was set.
Analyst John Staszak and team expect LVS to benefit from the end of China’s strict COVID policies.
“Chinese authorities eased travel restrictions in late 2022, which should increase traffic at the company’s casinos in Macau. With the sale of the company’s properties in Las Vegas, some 60% of its earnings come from Macau, with the remainder coming from Singapore.”
Looking further down the road, Argus forecasts results in both Macau and Singapore will improve for LVS over the next two years. For the long term, the firm sees LVS benefiting from its ability to win new casino licenses and expand in Macau.
Elsewhere, UBS ratcheted up its PT on the casino stock to $67 from $46 driven due to the better-than-expected results in Singapore and EBITDA outlook for that market into 2024. A buy rating was reiterated. CBRE Equity Research also boosted its rating on Las Vegas Sands (LVS) to Buy from Hold and set a PT of $67.
Shares of Las Vegas Sands (LVS) drifted down 0.44% in morning action on Friday to $58.11 vs. the 52-week trading range of $28.88 to $59.23.