Sands China downgraded to Neutral from Buy at Citi

Citi downgraded Sands China (SCHYY) to Neutral from Buy with a price target of HK$18.50, down from HK$26.30. Macau produced lower than anticipated gross gaming revenue in January, and the implementation of U.S. tariffs against China on February 1 has “dampened” gaming demand towards the end of the Chinee New Year Golden Week, the analyst tells investors in a research note. Citi expects this impact to continue throughout most of the first half of 2025. As such, Citi downgraded three Macau gaming names.