Analyst Stephen Grambling from Morgan Stanley maintained a Hold rating on Las Vegas Sands and keeping the price target at $47.00.
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Stephen Grambling has given his Hold rating due to a combination of factors influencing Las Vegas Sands’ performance. The company reported strong second-quarter results, primarily driven by exceptional performance in Singapore, which saw record EBITDA figures. However, the results from Macau were less impressive, with EBITDA figures falling short of expectations, although there was a slight sequential increase. This mixed performance across different regions contributes to the Hold rating.
Despite the company’s significant stock repurchase program and strong year-to-date performance, there are concerns about the sustainability of the gains, particularly in the Macau market. The ongoing year-over-year declines in Macau’s EBITDA and uncertainties regarding future performance create a cautious outlook. Therefore, while the Singapore results are promising, the overall mixed regional performance and market uncertainties justify a Hold rating.
In another report released today, Bank of America Securities also reiterated a Hold rating on the stock with a $55.00 price target.