Las Vegas Sands downgraded to Hold from Buy at Jefferies

Jefferies downgraded Las Vegas Sands (LVS) to Hold from Buy with a price target of $61, down from $72. The firm continues to view investable stories as those with durable business models, proven management teams, and visible growth levers, says the analyst, who sees risk that adjusted EBITDA growth underperforms expectations with Las Vegas Sands’ increased push into premium mass. Driven by an elevated reinvestment rate, the firm views the near-term earnings profile as “less compelling,” the analyst tells investors.