Sands China upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Sands China to Overweight from Equal Weight with a price target of HK$20.50, up from HK$18. The firm believes Sands China (SCHYY) is the only company in Macau with identifiable catalysts, as well as a step change in dividend boosting 2025 market share and earnings. Las Vegas Sands (LVS) buying a larger stake should provide downside protection, though Sands China stock has underperformed year-to-date versus most Macau peers, the analyst tells investors in a research note.