Buy Rating on Las Vegas Sands Corp. Affirmed: Long-Term Growth and Value Amidst Short-Term Challenge

Analyst Daniel Politzer of Wells Fargo maintained a Buy rating on Las Vegas Sands (LVS – Research Report), reducing the price target to $53.00.

Daniel Politzer has given his Buy rating due to a combination of factors including the long-term growth prospects and capital return potential of Las Vegas Sands Corp. (LVS). Despite a challenging second quarter in 2024, with earnings slightly below expectations due to external factors such as construction disruptions and slower visitation, Politzer maintains an optimistic view for the longer term. He acknowledges that the Macau market has been volatile but believes the underlying thesis for investment remains robust, suggesting that current low stock prices could present an attractive entry point for long-term investors.

The report further emphasizes that the construction disruptions at Macau and Singapore properties are temporary and are expected to peak in the third quarter of 2024, with a return to normalcy slated for early 2025. With the anticipated completion of renovations and the potential for stabilized earnings estimates, Politzer sees the current valuation of LVS at 9 times EBITDA as favorable compared to its historical average of 13 times. Additionally, he notes the company’s consistent capital return through share repurchases, which signals confidence in the company’s financial stability and a commitment to shareholder value.

In another report released today, Deutsche Bank also reiterated a Buy rating on the stock with a $55.00 price target.

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Las Vegas Sands (LVS) Company Description:

Founded in 2004, Nevada-based Las Vegas Sands Corp. is a leading global developer of destination properties that feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. It operates integrated resorts in Asia and the United States.

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