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Investing.com - Wells Fargo initiated coverage on Las Vegas Sands (NYSE:LVS) with an Equal Weight rating and a $66.00 price target on Tuesday, slightly above the current trading price of $63.67 but below what InvestingPro models suggest the casino operator may be worth.
The investment bank based its valuation on 10 times its 2026 estimated EBITDA of $4.8 billion, suggesting a price-to-earnings ratio of 22 times the 2026 estimate. For comparison, Las Vegas Sands currently generates $4.26 billion in EBITDA and trades at a P/E of 29.1, with InvestingPro data showing impressive gross profit margins of 79.8%.
Wells Fargo noted that Las Vegas Sands has transformed into a pure-play on Macau and Singapore gaming trends following its decision to exit Las Vegas properties.
The firm expressed that while U.S. investors are generally comfortable with Singapore’s political risk profile, China has been a source of "extreme volatility for many years."
Wells Fargo cited a slower and more volatile recovery than expected in Macau as a factor that has led to multiple compression for Las Vegas Sands over time, adding that IR2 capital expenditures should keep multiple expansion "at bay, for now." Despite these concerns, InvestingPro data shows LVS has delivered a 54% price return over the past six months and maintains a "GREAT" overall financial health score. InvestingPro offers additional insights through its comprehensive Research Reports available for Las Vegas Sands and 1,400+ other stocks.
In other recent news, Las Vegas Sands reported stronger-than-expected earnings for the third quarter of 2025. The company achieved an earnings per share of $0.78, surpassing the forecasted $0.61, and reported revenue of $3.33 billion, exceeding the anticipated $3.06 billion. Analysts have responded positively to these results, with several firms raising their price targets for the company. Goldman Sachs increased its target to $64, highlighting the robust performance of Las Vegas Sands’ Singapore operations. Similarly, Stifel raised its target to $68, noting the record-setting achievements at Marina Bay Sands in Singapore. Mizuho also adjusted its target to $63, pointing to market share gains in Macau and improved operations in Singapore. CFRA raised its price target to $63, citing continued outperformance in Singapore and stability in Macau. These developments reflect a positive outlook for Las Vegas Sands in the eyes of analysts.
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