Las Vegas Sands Corp. (NYSE:LVS) turned around an initial post-earnings decline to rally in early action on Thursday.

Jefferies liked what it saw in the earnings report after factoring in the unfavorable hold, travel restrictions, and room renovations. Analyst David Katz said the key focus for the stock is LVS management’s commentary around Macau reopening and the long-term growth trajectory for LVS. “We are highly confident in the former and less so in the latter, and therefore expect the positive trading momentum in the shares to continue in the immediate term,” he noted. Jefferies kept a Buy rating in place on LVS after increasing 2023 revenue and EBITDA estimates.

Bank of America analyst Shaun Kelly said the bottom line is that investors will look through headline results, as underlying core recovery trends in both Macau and Singapore ex-VIP are better than expected. BofA raising numbers significantly on LVS due to a faster cadence of recovery in Macau in the first three quarters of 2023, and higher mass market and non-gaming spend in Singapore. The firm increased its price objective to to $62 on 14.5X 2023E EBITDAR. However, a Neutral is kept in place given high expectations and relative valuation.

Morgan Stanley analyst Stephen Grambling noted Las Vegas Sands (LVS) management commentary on the conference call remained constructive. He also pointed out that Singapore continued to build and the Macau recovery is underway, led by higher spend/visitor. Of note, LVS is now generating positive EBITDA in Macau and if stronger spend/visitor holds as visitation comes back – flow through could push margins higher than pre-COVID. When combined with sustained momentum in Singapore, fundamentals for LVS are said to be trending toward the firm’s bull case.

Elsewhere on Wall Street, Citi raised its price target on Las Vegas Sands (LVS) to $76, Stifel bumped its price target to $66, Wells Fargo increased its PT to $65, HSBV moved its PT up to $63.50, and JPMorgan lifted its PT to $68.

Shares of Las Vegas Sands (LVS) moved up 3.42% in premarket trading to $56.94.

Dig into the details from the Las Vegas Sands earnings report.