BofA analyst Shaun Kelley lowered the firm’s price target on Las Vegas Sands to $55 from $65 and keeps a Neutral rating on the shares. Shares traded higher after market driven by weak sentiment and negative investor positioning heading into Q3 as well as headline beats in Macau and Singapore and a $2B share repurchase authorization, the analyst tells investors. The firm’s 2024 estimate is largely unchanged as slower market share expansion in Macau is offset by higher non-gaming and better trends in Singapore, but it lowers its multiple to reflect China macro uncertainty and lower free cash flow conversion due to concession capex.
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