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Investing.com - JPMorgan has upgraded Las Vegas Sands (NYSE:LVS) from Neutral to Overweight and raised its price target to $60.00 from $56.00, implying over 20% potential upside. According to InvestingPro data, LVS currently trades at $49.03, with analysts maintaining a strong buy consensus and targets ranging from $55 to $73.50.
The upgrade is primarily driven by JPMorgan’s more positive outlook on the company’s Singapore operations, while maintaining balanced expectations for Macau performance.
JPMorgan believes Singapore is currently undervalued at an implied $27 per share (11x forward EBITDA) compared to their estimate of $37 per share (13x forward EBITDA), which they argue better reflects Marina Bay Sands’ asset quality and growth potential as a high-end Southeast Asian gaming destination.
The firm also notes potential upside to third-quarter Singapore EBITDA estimates, with second-quarter results demonstrating higher earnings potential from the property. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report covering this top-performing gaming stock.
Las Vegas Sands stock is currently trading at approximately $49 per share, down about 15% from recent highs, creating what JPMorgan sees as a favorable risk-reward scenario with $16 upside potential (on 5% higher EBITDA) versus $9 downside risk (on 10% lower EBITDA and valuation multiple contraction). The stock has shown strong momentum with a 55.65% price return over the past six months.
In other recent news, Las Vegas Sands has been the focus of several analyst updates following its latest earnings report. The company reported a record-high quarterly EBITDA of $768 million at its Marina Bay Sands resort in Singapore, contributing to a significant rise in mass market performance. This has led Citi to raise its price target for Las Vegas Sands to $72.50, highlighting the resort’s strong performance. Stifel also increased its price target to $60, citing a $2.5 billion EBITDA run rate at Marina Bay Sands. Meanwhile, Mizuho raised its target to $56, noting mixed results across international operations but aligning Macau EBITDA with its estimates. UBS also adjusted its price target to $55, maintaining a Neutral rating. These developments come amid a backdrop of declining Macau casino stocks due to weak Golden Week travel data, affecting companies like Wynn Resorts and MGM Resorts International. Despite challenges in Macau, Las Vegas Sands’ Singapore operations have shown robust growth, capturing analysts’ attention.
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